Futures Market News
U.S. reports lower GDP growth, but stocks gain in optimistic environment
Sep 30, 2010 04:19 PM
The U.S. reported declining growth in its gross domestic product on Thursday - but stock index futures rose as jobless claims fell. Federal Reserve chairman Benjamin Bernanke will also testify before the Senate Banking Committee today, and some expect him to hint at further stimulative monetary policy measures.
Dow Jones Industrial Average index futures rose 85 points to 10,865, while S&P 500 index futures climbed 10.6 points to 1,151.5 at 9:47 a.m. EST.
Nasdaq 100 futures rose 13 points to 2,022.
Across the pond, DJ Euro Stoxx 50 index futures gained 32 points to 2,773 and FTSE 100 index futures jumped 62 points to 5,608.
And in Japan, Nikkei 225 index futures rose 80 points to 9,440.
"Overall, these numbers are market positive," David Kelly, chief market strategist for JPMorgan Funds in New York, told Bloomberg News. "It's important to recognize how out-of-whack market valuations are. We've got extraordinarily low bond yields. We're about to enter earnings season and stocks are selling 12.5 times earnings, well below average for PE ratios."
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