Figures. This is probably because I sold Celgene yesterday. I have to admit, though, that I'm completely clueless as to the cause of the overseas stock gains. I'd have assessed the foreign situation as, overall, 'pretty sucky.'
To me, this smacks of another round of government intervention, albeit, probably European government. But what do I know?
Aug. 31, 2011, 8:51 a.m. EDT
U.S. futures point to more Wall Street gains
ADP report falls a bit short, but still welcome, analysts say
By Kate Gibson and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) — U.S. stock futures rose on Wednesday as August drew to a close, with overseas gains providing support even after data on the labor market came in a bit shy of expectations.
Stock-index futures added to their gains after payroll-processor ADP reported the private sector added 91,000 jobs this month.
While slightly less than estimated, the data were still a welcome development, given the level of nervousness that persists around August data, said analysts at BTIG Economics.
“With the decline in the stock market, debate in Washington and downgrade to the U.S. credit rating, it very much could have been worse,” the BTIG analysts wrote in an email.
Futures on the Dow Jones Industrial Average rose 97 points to 11,589, while those on the Standard & Poor’s 500 index added 11.80 points to 1,216.60. Futures on the Nasdaq 100 rose 19.50 points to 2,246.50.
Full story: http://www.marketwatch.com/story/us-futures-point-to-more-wall-street-gains-2011-08-31?dist=beforebell
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