Fed behind them, U.S. markets prepare to take a look at inflation, political scene.
March 17, 2004: 6:11 AM EST
NEW YORK (CNN/Money) - With the Fed's inaction on interest rates past them, U.S. markets can again focus on economic reports and the political world as trading begins Wednesday.
Early Wednesday, futures pointed to a higher start for the major indexes.
The Federal Reserve decided to leave rates alone at Tuesday's policy-making meeting. They also generally repeated the wording of the after-meeting statement in January, when they promised to be "patient" before raising rates again.
Markets appeared to be relieved that interest rate hikes aren't imminent. The Dow Jones industrial average managed a modest rally, gaining 0.8 percent. The Nasdaq composite index was up 0.2 percent.
Inflation will be gauged before the open with the Consumer Price Index for February. Economists surveyed by Briefing.com expect to see a 0.3 percent increase, after a 0.5 percent rise in January. Prices excluding energy and food are seen having risen 0.1 percent.
On the political front, Democratic presidential candidate John Kerry won the Illinois primary Tuesday, and continued to take fire from President Bush and the Republicans for comments that several world leaders favor his election.
Asian-Pacific stocks ended higher Wednesday, with Tokyo's Nikkei index gaining 1.7 percent. European markets were generally up in the early going. (Check the latest on world markets)
Among U.S. stocks trading in Europe, Citigroup (C: Research, Estimates) was more than 1.5 percent higher. In a filing with the SEC, the financial services company said its two top executives -- Charles Prince and Sanford Weill -- received more than $74 million in compensation last year.
Treasury prices were little changed, with the 10-year note yield at 3.68 percent. The dollar dipped against the yen and euro.
Brent oil futures gained 7 cents to $32.75 a barrel in London, where gold was slightly lower.
Prominent earnings reports due before the start of trading include brokerage Bear Stearns (BSC: Research, Estimates) and package deliverer FedEx (FDX: Research, Estimates).
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