U.S. Stocks to Open Higher

123jump.com Staff
29 Mar, 2007
New York City

U.S. stocks are expected to open sharply higher as indicated by futures trading. Commerce Department revised the GDP growth rate for the fourth quarter to 2.5% from 2.2%. European stocks are trading higher across the region with a gain of 1% Germany, Italy, France and Switzerland. In Asia Hong Kong led the gainers in the region with a gain of 1.4%.

[R]9:15AM NY – U.S. stocks are expected to open higher on upward revision of fourth quarter GDP growth.[/R]

Stocks in New York trading are likely to open higher with futures indicating 25 to 30 points premium at the opening. Fourth Quarter GDP growth rate was revised to 2.5% from the previous estimate of 2.2% by the Commerce Department.

Crude oil in London trading is up 15 cents to $64.23 per barrel. European stocks are trading higher across the region on expectations that the U.S. market will rebound in the morning trading. Italy, France, Germany and the UK are trading 1% higher at mid-day trading. Airlines and auto stocks led the rebound.

In overnight trading in Asian markets gained led by a small rise in Japan. Hong Kong led the region with a gain of 1.37% and India advanced 0.74%.

[R]5:00AM Gold advances on Wednesday supported by a surge in oil prices.[/R]
June gold advanced $4.10 to $672.90 a troy ounce on the New York Mercantile Exchange and May silver also gained 17.5 cents to finish at $13.455 an ounce. July platinum rose $5.80 to close at $1,257.80 an ounce, while June palladium gained $1.85 to finish at $357.85 an ounce. The most-active May copper contract added 0.50 cent to settle at $3.0625 per pound.

The front-month May crude oil contract advanced $1.15, or 1.8%, to finish at $64.08 a barrel, the highest settlement for a front-month contract since Sept. 11, 2006. April heating oil also gained 4.1 cents, or 2.3 percent, to end at $1.8274 a gallon. April reformulated gasoline blendstock for oxygenate blending, though, fell 1.58 cents, or 0.8%, to finish at $2.0572 a gallon. April natural gas futures finished 5.5 cents higher at $7.558 a million British thermal units, the highest front-month settlement price since Feb. 23.

Futures on raw sugar in foreign ports were aided by short covering, and the May contracts finished 0.01 cent higher at 10.12 cents a pound. Arabica coffee futures ended slightly higher with May coffee closing 0.25 cent higher at $1.1270 a pound.