(By Salman - iStockAnalyst Writer)US stock futures turned higher on Tuesday after a government release showed that consumer prices rose 0.4% in August.
At 8:20 am ET, the S&P 500 futures climbed 4.60 points to 1050.50. The Dow Jones Industrial Average futures rose 47 point to 9650. The Nasdaq Composite futures gained 4.50 points to 1699.50.
A release by Department of Labor on Wednesday showed consumer prices rose 0.4% in August. The core consumer price index, which excludes food and energy, rose 0.1% in the month. Economists had expected monthly consumer price index to rise 0.3% and core consumer price to increase 0.1% in August.
Late on Tuesday, design software maker Adobe (NASDAQ:
ADBE) said that it was buying Web analytics firm Omniture (NASDAQ:
OMTR) for about $1.8 billion.
Anadarko Petroleum (NYSE:
APC) announced, Wednesday, that it has made a deepwater discovery at the Venus exploration well.
Rogers Corp. (NYSE:
ROG), which makes parts for electronics and aerospace manufacturers, on Tuesday boosted its third-quarter revenue and earnings guidance. The company now expects to report quarterly revenue in the range of $74 million and $77 million, up from an August estimate of $68 million to $73 million. Earnings for the September quarter are expected between 22 cents and 28 cents per share, up sharply from prior forecast in the range of 5 cents to 15 cents per share.
Corning Inc. (NYSE:
GLW) said Wednesday that it has bought all shares of Axygen BioScience Inc. and its subsidiaries from American Capital Ltd. (NASDAQ:
ACAS) for about $400 million in cash.
The Mortgage Bankers Association reported Wednesday that the volume of mortgage applications filed last week fell a seasonally adjusted 8.6% compared with the week before.
US stocks rallied and ended at their highest points of the year Tuesday after stronger than expected retail sales data boosted commodity shares.
On the economic front, capacity utilization and industrial production data are due for release at 09:15 am ET.
Overseas markets were boosted by Bernanke's remarks. Federal Reserve Chairman Ben S. Bernanke said Tuesday that the recession is "very likely over," but the job market is likely to remain depressed for some time.
European stocks advanced in afternoon trade. At 12:34 pm London time, the UK FTSE gained 78.44 points or 1.56% to 5,120.57. The German DAX and French CAC increased 0.0.96% and 1.40% respectively.
Asian stocks finished higher. The Nikkei 225 rose 53.15 points or 0.52% to 10,270.77.The Hang Seng index of Hong Kong jumped 536.55 points or 2.57% to 21,402.92.
NYMEX crude oil for October delivery declined 16 cents to $70.77 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
