Stock futures point to higher open on Wall Street

Wednesday, October 6th, 2010 | Finance News


PARIS (Reuters) – Stock index futures pointed to a higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.3 percent, Dow Jones futures up 0.2 percent and Nasdaq 100 futures up 0.1 percent at 0747 GMT (3:47 a.m. EDT).

Costco Wholesale Corp (COST.O) posted higher quarterly profit on Wednesday as consumers began spending more on discretionary items such as apparel.

U.S. conglomerate General Electric (GE.N) said a 755 million pound ($1.2 billion) takeover approach it made to Wellstream (WSML.L) had been rebuffed by the British oil services company.

Samsung Electronics (005930.KS) said it has sold more than 5 million Galaxy S smartphone handsets since the June launch, putting the smartphone laggard on track to challenge bigger rivals such as Apple (AAPL.O).

U.S. personal care group Johnson & Johnson (JNJ.N) said Dutch biotech company Crucell (CRCL.AS) was recommending an unchanged cash offer of 24.75 euros per share despite some investors holding out for more.

Japan's Nikkei average surged 1.8 percent to close at its highest level in two months as investors continued to welcome the Bank of Japan's surprise interest rate cut the day before, while European shares were up 0.8 percent in morning trade, adding to the previous session on hopes of further monetary stimulus. (.T) (.EU)

The dollar stayed near eight-month lows on the euro and edged toward a 15-year trough on the yen on Wednesday, hurt by expectations of U.S. Federal Reserve easing after Japan lined up its own reflation tools.

Economic data due Wednesday includes the ADP employment report for September, while on the earnings front, companies expected to report quarterly results included Monsanto (MON.N), Constellation Brands (STZ.N), and Marriott International (MAR.N).

U.S. stocks rallied to near a five-month high on Tuesday on growing conviction central banks will do even more to bolster struggling economies worldwide.

The Dow Jones industrial average (.DJI) gained 193.45 points, or 1.8 percent, to 10,944.72. The Standard & Poor's 500 Index (.SPX) rose 23.72 points, or 2.1 percent, to 1,160.75. The Nasdaq Composite Index (.IXIC) jumped 55.31 points, or 2.4 percent, to 2,399.83.

(Reporting by Blaise Robinson; Editing by Dan Lalor)