Dell reportedly planning shake up; chemical industry remain in focus
LONDON (MarketWatch) -- Stock market futures edged higher Wednesday ahead of the final trading session of 2008 as investors took stock of a terrible year for global markets.
S&P 500 futures rose 4.20 points at 892.40 and Nasdaq 100 futures rose 34 points.
U.S. markets ended higher Tuesday, helped by a late rally from financial stocks and further government aid for General Motors Corp. The Dow Jones Industrial Average closed up 184 points, but was still down around 35% for the year going into Wednesday's session.
The S&P 500 ended Tuesday up 21 points, but down 40% year-to-date and the Nasdaq Composite rose 40 points, taking its decline for the year to around 42%.
Crude-oil is likely to remain in focus after prices reversed their recent gains, dropping back below $38 a barrel. The February-dated light crude contract fell $1.09 to $37.94 a barrel in electronic trading.
The dollar was steady against the yen and edged higher against the euro ahead of the latest data on jobless claims. The euro slipped 0.5% to $1.407.
In a quiet day for corporate news, shares in Dell Inc. may see some action after The Wall Street Journal reported the computer maker is planning a shake up of senior executives as part of a focus on cutting costs and gaining tighter control over the group's global operations.
The chemicals industry also remained in focus after the Journal also reported that privately-held LyondellBasell Industries, may file for bankruptcy. The Netherlands-based company, which has large U.S. operations, has told lenders it's trying to line up as much as $2 billion in bankruptcy financing, the newspaper reported.
Late Tuesday the Federal Reserve said it will begin buying mortgage securities backed by Fannie Mae Freddie Mac Asian markets ended 2008 on a high note, with Australia's S&P/ASX 200 closing up 1.9%. The French CAC 40 index rose 1.4%.
