Wall Street seems bent on finishing 2007 on a high note and after yesterday's big selloff following Pakistan's former prime minister and opposition leader Benazir Bhutto's assassination, futures are up this morning, indicating U.S. stocks could start higher.Yesterday, U.S. stocks tumbled on the assassination news -- fearing further unrest in one of U.S.'s allies in its war on terror in Afghanistan and due to weaker-than-forecast rise in durable-goods orders. The positive consumer confidence report couldn't offset the news. The Dow industrials dropped 192 points, or 1.42%, the Nasdaq Composite fell 47 points, or 1.75%, and the S&P 500 lost 21 points, also 1.42%.
News that could be moving the market this morning include talk of big bank asset sales and later some data that is due out:
The Wall Street Journal reported Friday that several banks, including Citigroup (NYSE: C) and HSBC Holdings (NYSE: HBC) are considering sales of any of their assets, from branches to entire units.
Economic data today includes Chicago PMI, a manufacturing sentiment index for December, due out a little after the opening bell.
No doubt, though, that investors await the release of November existing and news home sales due out at 10 a.m. EST. The report is expected to show further declines with new home sales in November approaching an 11-year low. What worries economists is that there is no end in sight to the housing recession that's threatening to stall growth in 2008. Still, others say that there is improved consumer sentiment due to the lower prices.
Overseas, and not surprising, Asian markets tumbled following Bhutto's assassination. Japan's Nikkei closed down 1.7% also due to report of higher prices and falling factory output. In Europe, several reports indicating slower economies were out and by midday, markets were mixed.
In corporate news, seems that Warren Buffett is sprinting towards the new year with yet another deal news Friday: Berkshire Hathaway (NYSE: BRK.A) reached a deal to buy reinsurer NRG from Dutch financial-services giant ING (NYSE: ING) for $433 million (€300 million).
Also, mall retailer The Finish Line Inc. (NASDAQ: FINL) must complete the $1.5 billion purchase of Genesco Inc. (NYSE: GCO), a judge ruled Thursday, saying that Genesco executives did not commit fraud during negotiations. GCO shares are up 27% in premarket trading.
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