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Wall Street heads to higher open as investors look to more economic data
Published in Saudi Press Agency on 27 - 09 - 2007


Wall Street headed toward a higher open
Thursday on speculation that new economic data will show
enough weakness to give the Federal Reserve more reasons to
cut interest rates, according to AP.
The Commerce Department is expected to report at 10 a.m.
EDT (1400 GMT) that new home sales in August continued to
fall. Economists anticipate a drop of 4.6 percent from July
to a seasonally adjusted annual rate of 830,000 units,
according to the consensus forecast of Wall Street
economists surveyed by Thomson/IFR.
At 8:30 a.m. EDT, (1230 GMT) the Commerce Department is
expected to report second-quarter gross domestic product
grew at an annual rate of 3.9 percent rate, according to
analysts. This is down from the preliminary estimate of 4
percent issued last month, but still represents a
substantial increase from the first quarter's 0.6 percent
rate.
Wall Street is also expecting the latest weekly figures on
jobless claims from the Labor Department.
These reports follow others issued this week that signaled
that the economy remains sluggish. This could help persuade
policymakers to lower rates again after last week's
half-point cut.
Dow Jones industrial average futures expiring in December
rose 47, or 0.34 percent, to 14,005. Standard & Poor's 500
index futures rose 4.90, or 0.32 percent, to 1,541.10, and
Nasdaq 100 Index futures rose 9.25, or 0.44 percent, to
2,118.75.
In corporate news, trading in Bear Stearns Cos. will be
driven by speculation it might be courting potential
investors to buy a stake in the investment bank. There were
several reports late Wednesday that billionaire Warren
Buffett and Britain's HSBC PLC might be among those
interested.
A group of investors led by private equity firm J.C.
Flowers & Co. told student lender Sallie Mae it no longer
wants to complete a $25 billion (¤17.7 billion) buyout,
saying the current economic environment and legislation
being signed by President Bush on Thursday make the terms
no longer acceptable. The investors did say they are
willing to discuss terms.
General Motors Corp. _ which surged more than 9 percent on
Wednesday _ is expected to extend its advance. The company
secured a deal for a new labor contract to end a two-day
strike by the United Auto Workers.
Bed Bath & Beyond Inc. shares might get a lift after the
retailer reported late Wednesday that second-quarter profit
that beat Wall Street expectations. The company also
announced a $1 billion (¤710 million) stock buyback.
Chevron Corp. said late Wednesday it will buy back up to
$15 billion (¤10.6 billion) of stock during the next three
years.
Crude oil prices rose as a tropical depression near Mexico
raised concerns about possible disruptions to oil and gas
production. A barrel of light sweet crude rose 64 cents to
$80.94 in premarket trading on the New York Mercantile
Exchange.
In European trading, Britain's FTSE 100 rose 0.90 percent,
Germany's DAX index rose 0.63 percent, and France's CAC-40
rose 0.80 percent.
In Asia earlier, Japan's Nikkei index closed up 2.41
percent and Hong Kong's Hang Seng Index fell 2.40 percent.


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