Blue chip indicator about 100 points shy of milestone as investors await November auto sales.
December 2, 2003: 7:11 AM EST
NEW YORK (CNN/Money) - U.S. stock markets will look Tuesday at auto industry sales to help determine if the Dow Jones industrial average will reach the 10,000 mark for the first time since late spring of last year.
At 7:10 a.m. ET, futures pointed to a lower open for the major indexes.
The nation's automakers report their November sales figures beginning at around midday. Economists surveyed by Briefing.com expect the annual sales rate for cars to have climbed to 5.5 million from 5.1 million in October, with the sales rate for trucks rising to 7.6 million from 7.4 million.
Among U.S. stocks trading in Europe, Ford Motor (F: Research, Estimates) was 2 percent higher but General Motors (GM: Research, Estimates) was lower in early trading.
The Dow Jones industrial average started December with a solid 1.2 percent gain that left it less than 101 points shy of 10,000, at the highest level in 18 months. The blue-chip indicator last touched 10K on an intraday basis in June of last year; it last closed above 10,000 on May 24, 2002.
The Nasdaq composite index climbed 1.5 percent Monday to about 10 points short of 2,000. The gains were triggered by a strong November manufacturing report by the Institute for Supply Management and indications that retail sales during the key Thanksgiving weekend were robust.
Asian-Pacific stocks ended mostly higher Tuesday, with Tokyo's Nikkei index up 0.1 percent. European markets edged upward in early trading. (Check the latest on world markets)
Treasury prices pulled back, sending the 10-year note yield up to 4.39 percent from 4.38 percent late Monday. The dollar gained a little ground against the euro, which remained below the $1.20 mark, and edged up versus the yen.
Brent oil futures advanced 8 cents to $28.33 a barrel in London, where gold remained above $400 an ounce.
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