Stock Futures Gain Amid Earnings Bounce
NEW YORK ( TheStreet) -- Stock futures were pointing higher Tuesday after a batch of better-than-expected corporate earnings reports appeared poised to push U.S. markets to new record highs.
Markets around the world were bolstered Tuesday as the official Shanghai Securities News said the Chinese government is planning to invest in high-speed railways to help prevent annual economic growth from drifting below 7%. Shares were likewise lifted as the Japanese government raised its economic growth outlook for third-consecutive month. This follows Japanese Prime Minister Shinzo Abe's victory in Sunday's upper house elections amid expectations it will give him greater flexibility to pursue aggressive monetary policies.
Futures for the S&P 500 were rising 3 points, or 2.97 points above fair value, to 1,693.25. Futures for the Dow Jones Industrial Average were gaining 42 points, or 50.45 points above fair value, to 15,533. Futures for the Nasdaq were tacking on 6.5 points, or 5.72 points above fair value, to 3,054.
Of the 157 S&P 500-listed companies expected to report second-quarter earnings this week, 35 were expected to release results Tuesday.
Apple is under scrutiny over whether it can re-energize the opinions of Wall Street and investors that the iPhone and iPod maker remains innovative and that its products are still relevant in the changing world of technologies.
United Parcel Service