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Dec 28, 2016

U.S. Stock Market Future Indications - December 28, 2016: Dow on Track to Make a Fresh Attempt to Hurdle Over 20,000

Victor Reklaitis

U.S. stock futures on Wednesday pointed to a modest rise at the open, putting the Dow average on track to approach its milestone level of 20,000 again.

Dow Jones Industrial Average futures YMH7, +0.16% gained 33 points, or 0.2%, to 19,909, while S&P 500 futures  ESH7, +0.21% advanced by 5.10 points, or 0.2%, to 2,266. Nasdaq-100 futures NQH7, +0.28%  climbed by 14.75 points, or 0.3%, to 4,976.
On Tuesday, the Dow DJIA, +0.06% gained 0.1% to end at 19,945 after trading within 20 points of 20,000, while the S&P 500 SPX, +0.22% added 0.2% and the Nasdaq Composite COMP, +0.45%  tacked on 0.5%. The tech-heavy Nasdaq scored an all-time closing high.
“Every single day investors hope that the Dow index breaks that 20K mark, but so far their wish has not been granted,” said Naeem Aslam, chief market analyst at ThinkMarkets UK, in a note.
The psychologically important level has turned into a spot with “remarkable resistance,” and finally breaking above it could draw fresh cash into stocks, Aslam added.
Other markets: Oil futures CLG7, +0.28%  traded higher, helping sentiment. European stocks SXXP, +0.21% inched up in thin trading, while Asian markets closed mixed. Gold futures GCG7, -0.02%  and a key dollar index DXY, +0.40% were slightly higher.
Economic news: Investors are waiting for a November report on pending home sales that is expected at 10 a.m. Eastern Time.
Check out: MarketWatch’s Economic Calendar
Corporate news: British oil giant BP PLC BP, +0.24% BP., +0.76%  made its latest move to rebuild following the deadly Deepwater Horizon disaster, agreeing to buy the fuels business of Australian retailer Woolworths Ltd. WOW, +1.93% for 1.79 billion Australian dollars ($1.29 billion).
Delta Air Lines Inc. DAL, +0.94%  on Tuesday officially canceled a deal for 18 Boeing widebody jets that, though long anticipated, still leaves a dent in Boeing Co.’s BA, -0.21%  2016 order book.
'Star Wars’ fans mourn loss of Carrie Fisher
Fans of “Star Wars” paid tribute to Carrie Fisher, best known for her role as Princess Leia in the sci-fi movies, after she died on Tuesday at the age of 60.