(By Salman - iStockAnalyst Writer) US stock futures rose on Wednesday as upbeat manufacturing data from China reinforced hopes of economic recovery.
At 8:11 am ET, the S&P 500 futures advanced 63 points to 1099.80. The Dow Jones Industrial average futures climbed 63 points to 10280. The Nasdaq Composite futures rose 15.50 points to 1788.
Fed officials on Tuesday indicated that the central bank will keep the interest rates low. "Looking into 2010 and perhaps to 2011, the most likely outcome is for growth to be suboptimal, unemployment to remain a vexing problem and inflation to remain subdued," Federal Reserve Bank of Dallas President Richard Fisher said in a speech on Tuesday.
Early on Wednesday, Macy's Inc. (NYSE:
M) reported that third-quarter loss narrowed to $35 million, or 8 cents a share, from $44 million, or 10 cents a share, in the year-earlier quarter. Quarterly sales slipped 3.9% to $5.28 billion while same-store sales decreasing 3.6%. On an adjusted basis, the company reported a loss of 3 cents a share.
The world's biggest design software maker Adobe Systems Inc. (NASDAQ:
ADBE) on Wednesday announced that it plans to trim 680 jobs, or about 9 percent of its global workforce, in order to cut costs.
Prudential Financial Inc. (NYSE:
PRU), the second-largest U.S., boosted its annual dividend 21 percent after posting its third straight quarterly profit. The company report third quarter net income of $1.090 billion or $2.35 per common share, compared to a net loss of $118m or 25 cents per common share, in the year-ago quarter.
Meanwhile, American International Group Inc. (NYSE:
AIG) Chief Executive Officer Robert Benmosche is considering stepping down from his position, the Wall Street Journal reported, citing people familiar with the situation.
Elsewhere, in China, a report released by the National Bureau of Statistics of China showed that industrial production for the month of October jumped 16.1% from the year-earlier period, topping a 15.5% analyst estimates and beating September's 13.9% growth.
On economic front, no major data is due for release on Wednesday.
European stocks advanced in afternoon trade. At 12:52 pm London time, the UK FTSE gained 64.16 points or 1.23% to 5,294.71. The German DAX and French increased 1.38% and 1.26%.
Asian stocks finished with gains. The Nikkei 225 rose 0.95 points or 0.01% to 9,871.68. The Hang Seng index of Hong Kong surged 359.05 points or 1.61% to 22,627.21.
NYMEX crude oil for December delivery climbed as much as 50 cents or 0.6% to $79.55 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
