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Tuesday, December 29, 2009

Stocks looking for lucky 7th gain (DJIA)

NEW YORK (CNNMoney.com) -- Stocks could extend a six-session, year-end winning streak Tuesday if early indications of a higher open carry through to the close.

The Dow Jones industrial average, Nasdaq-100 and S&P-500 futures were all higher. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Stocks rallied Monday, with the Dow, S&P 500 and Nasdaq managing fresh 2009 highs on some optimism about a recovery in retail sales and gains in select sectors.

But many market participants are taking the entire week off, which means trading volume is low and relatively small moves could cause major volatility during the shortened week on Wall Street. The stock market is closed on Friday in observance of New Year's Day.

Financial stocks could be in the spotlight Tuesday on news that Morgan Stanley (MS, Fortune 500) may overhaul the way it pays its senior executives, according to a Wall Street Journal report, relegating a larger percentage of total compensation to shares rather than cash.

Economy. After the opening bell, the Conference Board will release its December report on consumer confidence. Economists surveyed by Briefing.com expect a rise in the confidence index to 53 from 49.5 in November.

Also after the open, S&P/Case-Shiller issues its 20-city report on home prices for October. Economists predict that home prices will show a decline from the same period last year.

World markets. Stocks in Asia closed slightly higher, with Tokyo's Nikkei index gaining a few points. European indexes were up a little in midday trading.

Money and oil. The dollar was down against the euro, but higher versus the pound and yen.

Crude oil for February delivery fell 47 cents to $78.30 a barrel.

Gold for February delivery eased $3 to $1,107.90 an ounce

Yesterday's Djia = >http://bursa-chat.blogspot.com/2009/12/stocks-set-to-start-week-higher-djia.html

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