BLBG: U.S. Index Futures Little Changed as S&P 500 Near All-Time High
(Bloomberg) -- U.S. stock-index futures rose, with the Standard & Poor’s 500 Index less than 3 points from a record, before a report that’s expected to show consumer confidence remained at an 11-year high.
Contracts on the Standard & Poor’s 500 Index expiring in March advanced 0.1 percent to 2,086.3 at 7:22 a.m. in New York, paring an earlier gain from a report showing German growth signaled a strengthening in Europe’s recovery.
Futures on the Nasdaq Composite Index added 0.2 percent, with the underlying gauge at its highest level in almost 15 years. Dow Jones Industrial Average futures rose 0.2 percent to 17,963.
“The U.S. market benefits from a continued improvement in sentiment in Europe, driven by today’s good GDP figures for Germany,” said Otto Waser, chief investment officer at R&A Research & Asset Management AG in Zurich.
U.S. stocks rose yesterday, capping their biggest rally since the dot-com bubble. The value of global equities is headed for a gain of more than $66 trillion this week amid easing concerns over Greece’s debt and conflict in Ukraine.
“Both issues have played out better than expected and markets have thus started to regain confidence over the past few days,” Waser said.
Government officials taking part in Greece’s debt negotiations said both sides are signaling willingness to compromise, while the German economy, Europe’s largest, expanded 0.7 percent in the fourth quarter, more than twice as much as forecast.
Earnings, Data
Investors are also awaiting U.S. earnings reports and data to gauge the strength of the world’s largest economy. The University of Michigan’s preliminary consumer sentiment index will probably show confidence remained at an 11-year high in February, according to economists surveyed by Bloomberg. Exelon Corp. is among six S&P 500 companies reporting quarterly results today.
Salix Pharmaceuticals Ltd. gained 1.2 percent in early New York trading after people familiar with the matter said Valeant Pharmaceuticals International Inc. has arranged financing for a potential takeover. CBS Corp. added 3.9 percent after fourth-quarter sales topped estimates. King Digital Entertainment Plc rose 16 percent after sales of titles other than Candy Crush Saga increased.
American International Group Inc. fell 2.3 percent after operating earnings per share missed analyst projections. Zynga Inc. tumbled 12 percent, indicating the shares will fall for a second day. Shares fell 5.3 percent yesterday after the maker of the mobile video game FarmVille projected first-quarter earnings that trailed analysts’ estimates and said it will close its Beijing office.
