last friday started this little run, today could blow it up big time:
Stocks ready to rally
Gains seen continuing as House prepares to vote on Obama stimulus plan investors cheer Wells Fargo results.
Last Updated: January 28, 2009: 8:25 AM ET
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NEW YORK (CNNMoney.com) -- U.S. stocks were set to advance at Wednesday's open, lifted by stimulus hopes and some positive news from Wells Fargo.
At 8:24 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were all higher.
Futures measure current index values against perceived future performance and offer an indication of how markets will open when trading begins in New York.
If the markets move higher Wednesday, that would mark the third consecutive rally, following moderate gains on Monday and Tuesday.
Government stimulus packages, particularly the Treasury Department's plan to provide 23 local banks with $386 billion, are helping to fuel the futures markets, said Peter Cardillo, chief market economist for Avalon Partners.
"I think it restores confidence to the market," said Cardillo. "The market, in general, is hungry for confidence."
Stimulus plan: The House of Representatives prepared to vote Wednesday on the $825 billion package aimed at jump-starting the economy that President Obama has lobbied for aggressively.
House Speaker Nancy Pelosi, D-Calif., called the bill "the most important piece of legislation Congress will vote on this year," arguing that the bill supports jobs, tax cuts and accountability to taxpayers. But Republicans have expressed concern about the large amount of spending in the bill, and have criticized the tax cut provisions for not going far enough. (Full story)
Fed: The Federal Reserve is also due to conclude its two-day policy meeting. With rates already near zero, there isn't much cutting policymakers can do, but investors will pore over the Fed's statement to see if it plans other steps to fight the credit crisis.
Corporate results: Wells Fargo (WFC, Fortune 500) reported quarterly results that were better than analysts expected. It also said it will maintain a 34-cents-a-share quarterly dividend and will not seek another money from the Treasury Department's Troubled Asset Relief Program. Shares of Wells Fargo surged 20% in premarket trading.
Telecom giant AT&T (T, Fortune 500) reported that fourth-quarter earnings slumped to 64 cents per share, down from 71 cents a year earlier. Shares gained 1% in premarket trading.
Boeing (BA, Fortune 500) reported a loss of 8 cents per share, partly impacted by striking workers. Its shares were slightly higher.
Yahoo (YHOO, Fortune 500) reported a quarterly net loss after U.S. markets closed Tuesday. But excluding certain charges, the company said it earned 17 cents per share, topping analysts' consensus forecast. The stock was up 6% premarket. (Full story)
World markets: Stocks in Asia rose, tracking gains on Wall Street overnight. European shares rallied in morning trading, bolstered by the U.S. stimulus plan, with indexes in London, Paris and Frankfurt rallying more than 1%.
Oil and money: Oil prices fell 30 cents a barrel to $41.28 in electronic trading. The dollar gained versus the yen but fell against the euro and the British pound.
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