- Before the bell: Stocks poised for flat open
Market news
Before the bell: Stocks poised for flat open
U.S. stocks were poised for a flat open Wednesday, as investors continue to monitor developments in Libya.
U.S. stocks closed broadly higher Tuesday, led by a strong performance in the financial sector. Bank of America (BAC, Fortune 500) CEO Brian Moynihan issued a rosy multi-year outlook at the bank's first shareholder meeting in four years, sending BofA shares up 3.5% and giving other retail banks a boost.
Oil prices dipped below $105 a barrel in electronic trading, extending Tuesday's declines. But the outlook for oil prices remains cloudy.
Investors are likely to remain focused on geopolitical developments and crude prices. Traders are worried that growing unrest in North Africa and the Middle East will undermine oil output from the region, which could drag on the global economic recovery.
Economy: The Commerce Department's wholesale inventories report is due at 15:00 GMT. Economists expect they rose an average 1% in January.
Companies: A few mall-based retailers report quarterly results, including American Eagle Outfitters (AEO), before the opening bell. After the close, Hot Topic (HOTT) and Coldwater Creek (CWTR) will release their earnings.
World markets:
Gold futures for April delivery rose $6.50 to $1,433.70 an ounce.
The price on the benchmark 10-year U.S. Treasury was slightly higher, with the yield slipping to 3.53% from 3.54% late Tuesday.
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