Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market Primer: Stocks Rebound After Bank of Japan Turns on the Tap


Portugal might fall off the austerity wagon after a court decision.

US stocks got a lift this morning as earnings season commences and the Bank of Japan begins a massive monetary stimulus program.

Stock futures were erased some of Friday's losses from the disappointing jobs report. Dow (INDEXDJX:.DJI) futures gained 0.26% at 14,522. S&P 500 (INDEXSP:.INX) futures rose 0.38% to 1,551.80 and Nasdaq (INDEXNASDAQ:.IXIC) futures climbed 0.39% to 2,773.75.

European stocks are higher today. Portugal's high court struck down the austerity measures that the country is forced to do to recieve aid.

German industrial productino rose 0.5% on a monthly basis in February. However, January's data was revised down to a 0.6% drop from an initial reading of zero growth. Investor sentiment in the Euro region fell to -17.3 this month from -10.6 in March, the lowest reading in five months. Sentix, which releases the indicator, attributed the sharp drop to the bungled bailout of Cyprus.

The Nikkei Index (INDEXNIKKEI:.NI225) rallied 2.8% to its highest level since August 2008 and the yen fell to 98.54 to the dollar as the Bank of Japan began its radical asset purchases to fight decades of deflation. The BOJ will buy 1 trillion yen of government bonds with five- to ten-year maturities and 200 billion yen in longer-term debt.

United Parcel Service (NYSE:UPS) appealed the European Commission's decision to block its acquisition of Dutch rival TNT Express (AMS:TNT). UPS abandoned the $6.7 billion bid to buy TNT in January.

General Electric (NYSE:GE) announced that it will acquire Lufkin Industries (NASDAQ:LUFK), a company that provides equipment for the oil and gas industry. Shares of Lufkin rose 37% in pre-market trading, reflecting the premium that GE paid.

Alcoa (NYSE:AA) kicks off the corporate earnings season after the bell today. Analysts expect the company's earnings per share to fall to $0.08 from $0.10 in last year's first quarter as falling aluminum prices hurt the company's bottom line. Wells Fargo (NYSE:WFC) and JPMorgan Chase (NYSE:JPM) both report on Friday.

The Federal Reserve will release the minutes from its latest meeting this week. This evening, Chairman Ben Bernanke will deliver a speech on the bank stress tests.

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos