Continuation of rally possible at open after Tokyo's Nikkei posts biggest one-day gain of 2004.
May 12, 2004: 5:44 AM EDT
NEW YORK (CNN/Money) - Strength in Asian stock markets, especially in Japan, could carry over to the United States when Wednesday trading begins, but $40-a-barrel oil and wariness about Cisco Systems offer possible obstacles to continuation of a rally.
Early Wednesday, futures pointed to a slightly higher start for the major indexes.
Asian-Pacific stocks ended mostly higher, following Wall Street's rebound Tuesday. Tokyo's Nikkei index gained 2-1/4 percent, its biggest one-day advance this year. European markets were mixed in early trading. (Check the latest on world markets)
For details of Tuesday's advance, click above.
The Nasdaq composite index led Tuesday's advance, gaining 1.9 percent. The Dow Jones industrial average was up by 0.3 percent (see chart for details).
Among U.S. stocks trading in Europe, Cisco Systems (CSCO: Research, Estimates) fell more than 2 percent. The No. 1 maker of Internet connection gear posted better-than-expected earnings and sales for its fiscal third quarter, and said it plans to add 1,000 jobs by year's end. But investors appeared to be disappointed by the company's fourth-quarter sales guidance
U.S. light crude remained above $40 a barrel -- up 30 cents to $40.36 -- the highest level since before the 1990 Gulf War amid continuing concern about Iraq. Brent oil futures gained 12 cents to $37.48 a barrel in London.
Treasury prices fell in early trading, sending the 10-year note yield up to 4.75 percent from 4.74 percent late Tuesday. The dollar slipped against the yen and euro. Gold advanced.
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