Positive stock indexes in Europe, Asia and Latin American helped boost U.S. stock index futures on Wednesday, though the housing market revealed its continuing weakness as the Mortgage Bankers' Association Mortgage Application Index dropped while interest rates fell.
As long as the labor markets remain uncertain and U.S. unemployment persists around 10 percent, Americans appear to be wary of committing capital to major home purchases. A federal tax credit which expired in April helped compress purchases into the first half of the year, but demand for new housing seems to have collapsed in the wake of its expiration.
Globally, however, the tone was optimistic; emerging market and European stock index futures gained. In Hong Kong, Hang Seng index futures were up 260 points to 22,382 at 4:15 a.m. EST, while FTSE 100 index futures rose 9 points to 5,566 at 8:13 a.m. EST. Mexico's Bolsa index futures climbed 122 points to 33,390.
Dow Jones Industrial Average index futures saw a gain of 14 points to 10,802, while S&P 500 index futures rose just 1.5 points to 1,143.2 at 8:16 a.m. EST.
Nasdaq 100 index futures were up 4.5 points to 2,013.
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