U.S. stock-index futures rise after five-day decline for S&P 500

U.S. stock-index futures rose, signaling the Standard & Poor’s 500 Index will rebound from its longest losing streak this year, as investors awaited data on jobs and home sales to assess the pace of the economic recovery. More

To continue reading this article, please do one of the following.



economic indicators

U.S. stock-index futures rise after five-day decline for S&P 500

BLOOMBERG NEWS FILE PHOTO/SCOTT EELLS
AFTER A FIVE-DAY DECLINE for Standard & Poor's 500 Index, U.S. stocks rebounded Thursday, in anticipation of data on jobs and home sales that will help investors gauge the pace of the economic recovery.
Posted 9/26/13

LONDON - U.S. stock-index futures rose, signaling the Standard & Poor’s 500 Index will rebound from its longest losing streak this year, as investors awaited data on jobs and home sales to assess the pace of the economic recovery.

Bed Bath & Beyond Inc. gained 5.8 percent in German trading after raising the low end of its full-year earnings forecast. Caesars Entertainment Corp. slipped 4 percent as the casino operator began selling 10 million new shares. Hertz Global Holdings Inc. sank 7.4 percent after cutting its forecasts.

S&P 500 futures expiring in December rose 0.2 percent to 1,689.1 at 7:24 a.m. in New York. The benchmark gauge for U.S. equities has declined 1.9 percent in the past five days after closing at an all-time high on Sept. 18, as President Barack Obama failed to reach a deal with congressional Republicans over the federal budget. Contracts on the Dow Jones Industrial Average added 25 points, or 0.2 percent, to 15,235 today.

“Washington has been dragging their feet as of late but eventually they’ll be forced into action,” said Patrick Spencer, head of U.S. equity sales for Robert W. Baird & Co. in London. “We’ve been down this road before. It’s quite natural and healthy to have pull-backs in a bull market. We’ll shift into a stronger gear with a settlement on the budget and what I think will be a very positive earnings season.”

Investors will watch economic reports to help determine whether U.S. growth is sufficient for the Federal Reserve to begin reducing its $85 billion in monthly bond purchases. Revised data today may show the economy grew at an annualized 2.6 percent pace in the second quarter, compared with an earlier reading of 2.5 percent, economists predicted before the Commerce Department releases the figures at 8:30 a.m. in Washington.

Home sales

A separate report may show an index of pending home sales slipped 1 percent in August for a third consecutive month of declines, economists surveyed by Bloomberg projected. That would follow a 1.3 percent drop in the prior month, which was the biggest retreat this year. The National Association of Realtors releases the figures at 10 a.m. in Washington.

Next Page
Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement