NEW YORK (AP) – U.S. stock futures are rising after a volatile start to the week and the Dow is again within striking distance of an all-time closing high.
Dow Jones industrial futures are up 31 points to 13,147. S&P futures have added 4 points to 1,529.70. Nasdaq futures are up 11.5 points to 2,771.50.
Futures do not necessarily foretell which way the market will go at the opening bell, but there are catalysts for a run at the market peak reached in October 2007, just before the recession hit.
Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That’s the biggest annual gain since April 2006.
The U.S. housing market may be hitting its stride just ahead of the spring selling season.
What: Jumped 9.7 percent nationally in January from a year ago, according to data released Tuesday by CoreLogic – the
biggest annual gain since April 2006.
Why: Rising demand combined with fewer available homes.
Why it matters: The market continues to gain momentum heading into the peak spring selling season, suggesting a good year ahead.
Challenges: Home values were still down more than 26 percent nationally from their peak in April 2006.
What: U.S. service companies –
construction, health care and financial services – grew in February at the
fastest pace in a year.
Why: They were buoyed by higher sales and more new orders.
Why it matters: The gain suggests higher taxes have yet to slow consumer spending on services, and growth encourages hiring.
Consumers still could cut back in response to a rise in Social Security taxes,
especially if they are impacted by
government spending cuts, such as a
reduction in overtime or furloughs for
SOURCE: The Associated Press