By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- U.S. stocks were on track to end 2014 in
style, with futures pointing to a higher open on Wall Street
Wednesday and indicating the major benchmarks will post solid gains
for the full year. But before investors can break out into New Year
Eve's celebrations, a trifecta of economic data will arrive to
provide them with cues.
Futures for the Dow Jones Industrial Average (DJH5) picked up 9
points, or 0.1%, to 17,950, while those for the S&P 500 index
(SPH5) added 2.40 points, or 0.1%, to 2,079.10. Futures for the
Nasdaq 100 index (NDH5) climbed 3.50 points, or 0.1%, to
4,286.25.
December has been a volatile month for stock markets globally,
but U.S. indexes have recovered, with the S&P 500 index and the
Dow industrials now on track for monthly advances.
For the full year, the S&P is on track for a 13% advance,
the Dow eyeing an 8.5% rise and the Nasdaq poised for a 14% jump.
While the advances are greater than for benchmarks in Japan and
most of Europe, those yearly performances would still be shy of
their stellar outcome in 2013, when the Nasdaq surged 38% and the
S&P jumped 30%.
U.S. stocks closed lower on Tuesday. On Wednesday, both the New
York Stock Exchange and Nasdaq will observe regular trading hours,
closing at 4 p.m. Eastern. Regular trade will resume on Friday,
Jan. 2. See: When do markets close on New Year's Eve?
Data: With little activity in Europe, U.S. data will be closely
watched on Wednesday and could have an impact on the performance of
the stock markets. First up is a reading on weekly jobless claims
at 8:30 a.m. Eastern Time. Economists polled by MarketWatch predict
initial jobless claims will rise to 290,000, up from 280,000 in the
prior week.
At 9:45 a.m. Eastern, the Chicago PMI is expected to deliver
another strong reading for the final month of the year. Pending
home-sales figures at 10 a.m. Eastern are likely to show a slight
rise in November.
Movers and shakers: Shares of NephroGenex Inc.(NRX) surged 119%
ahead of the open after the biotech firm late Tuesday announced
positive safety study results for its diabetic nephropathy
treatment Pyridorin.
NeuroDerm Ltd. (NDRM) gained 6.7% ahead of the bell on
Wednesday, adding to a 194% jump on Tuesday on the back of positive
results for a treatment for Parkinson's disease.
Another biotech company, MiMedx Group Inc. (MDXGE) was also in
the spotlight after it said it plans to exceed the upper end of its
revenue guidance for the fourth quarter and full year 2014.
Tesla Motors Inc. (TSLA) rose 0.9% in premarket action.
Meadowbrook Insurance Group Inc. (MIG) could also be active
after news that China's Fosun International Ltd. will buy the U.S.
insurer for $433 million.
Other markets: Trading was upbeat, but thin in Europe, with
German and Italian stock markets already closed for New Year's Eve.
The U.K.'s FTSE 100 and France's CAC 40 index close around lunch
European time.
In Asia, most markets ended higher, although Australia and New
Zealand closed in the red. There was no trading in Japan.
The dollar (DXY) was little changed, keeping its 12% advance for
2014 and on track for its best year since 2005, according to
FactSet data. Oil prices slumped, while metals prices dropped.
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