Futures on the S&P 500 expiring in March climbed 0.4 percent to 1,293.3 at 10:52 a.m. in London. Dow Jones Industrial Average futures gained 42 points, or 0.3 percent, to 12,430. The S&P 500 has risen 2.8 percent this year on better-than-forecast U.S. economic data and amid optimism that Europe is taking steps to tame the region’s debt crisis.
A success at the auctions and narrowing yields on both Italian and Spanish debt is a very positive outcome. This should give the market something to hold on to, but the question remains if the yield compression on Italian debt will continue in the future
Spain sold 9.98 billion euros ($12.7 billion) of bonds maturing in 2015 and 2016, including a new three-year benchmark security, twice the maximum target of 5 billion euros set for the sale. Italy auctioned 8.5 billion euros of one-year bills at a rate of 2.735 percent, down from 5.952 percent at the last auction of similar-maturity securities on Dec. 12.
Retail Sales
A Commerce Department report at 8:30 a.m. in Washington may show that sales at U.S. retailers rose in December as Americans bought discounted holiday items, giving the economy a boost entering 2012. The projected 0.3 percent gain would follow a 0.2 percent advance in November, according to the median forecast of 75 economists surveyed by Bloomberg.
Data from the Labor Department at the same time may show that initial jobless claims rose to 375,000 last week from 372,000 the previous period, according to the median of 45 economists.
The Federal Reserve may embark on as much as $500 billion of quantitative easing in the second half, Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said in a televised interview with Bloomberg HT news channel broadcast today. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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