U.S. stocks poised for further gains as investors see signs of economic strength.
May 28, 2003: 5:29 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - U.S. stock markets appeared in position to rise further Wednesday as investors saw signs that the economy isn't so terrible and that the dollar may be stabilizing after weeks of weakness.
At 5:30 a.m. ET, futures pointed to a continuation of the rally that began Tuesday after reports showed better-than-expected April home sales and increased consumer confidence.
With the positive economic reports in the background, the Dow Jones industrial average got the holiday-shortened week off to a solid 2.1 percent advance Tuesday. But the Nasdaq composite index did even better, rising 3.1 percent to its highest point of 2003.
Manufacturing gets investors' attention Wednesday when the government issues durable goods orders results for April. Economists surveyed by Briefing.com expect to see a decline of 1 percent last month after a 2 percent gain last month.
The dollar staged a rally amid speculation that the European Central Bank will cut interest rates next week. The euro fell below $1.18, a day after reaching a record high above $1.19. The U.S. currency also gained against the yen.
Asian-Pacific stocks joined Wall Street in gaining ground, with Tokyo's Nikkei index up 1.4 percent. European markets also advanced in early trading.
Among U.S. stocks trading in Europe, Microsoft (MSFT: Research, Estimates) rose more than 1 percent. The software maker said Tuesday it is withdrawing a security update for its Windows XP operating system after 600,000 people who downloaded the changes found some of their Internet connections switched off.
Treasury prices fell in early trading, sending the 10-year note yield up to 3.45 percent from 3.41 percent late Tuesday.
Brent oil futures slipped 4 cents to $26.08 a barrel in London, where gold retreated in early trading.
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