Wall St. waiting game

[notiCIas]

Wall St. waiting game

Investors get strong holiday earnings from Wal-Mart ahead of day 2 of testimony from Greenspan.


February 17, 2005: 6:31 AM EST

NEW YORK (CNN/Money) - Investors will be weighing a solid earnings report from the world's largest retailer ahead of more comments of Federal Reserve Chairman Alan Greenspan.

U.S. stock futures were little changed just after the Wal-Mart (Research) earnings report, indicating a flat or mixed open for the major indexes.

Wal-Mart reported it earned 75 cents a share, a penny better than the forecast of analysts surveyed by earnings tracker First Call and up from 63 cents a share a year earlier. The gain came in a fiscal fourth quarter that included relatively disappointing holiday period sales gains for the retailer.

Greenspan gives the second day of his semi-annual Congressional testimony Thursday to a House committee. His prepared remarks will mirror his statement to a Senate committee Wednesday, in which he said the economy is strong and inflation under control.

But many of the questions from senators were about his view of Social Security reform, and it's likely he'll be asked more information about his endorsement of the concept of private retirement accounts.

Major markets in Asia closed mixed Thursday, and major European markets were higher in early trading.

U.S. stocks ended Wednesday little changed after Greenspan's first day of testimony.

The March light crude contract rose 13 cents to $48.46 a barrel in electronic trading, while the April contract for Brent crude rose 43 cents to $46.58.

Treasury prices were lower, with the yield on the 10-year note rising to 4.16 percent from 4.15 percent Wednesday, when the rate soared on Greenspan's comments. The dollar fell against the euro and the yen.

Economic reports Thursday include the latest on weekly jobless claims and the index of leading economic indicators.

In corporate news, computer and peripheral maker Hewlett Packard (Research) reported better than forecast earnings after the close Wednesday, a week after it forced out Chairman and CEO Carly Fiorina.