S&p Heads Toward Fifth Days Of Gains
US stock futures were hovering on Friday as the S&P was hurtling toward its fourth week of advances during the past five weeks as the US sent military officials to Iraq.
Saturday, June 21, 2014 - 00:00
The S&P is up roughly 1.2% this week after marking five consecutive days of gains. So too are the Dow and the Nasdaq pushing toward weekly climbs of 0.9% and 1.1%, respectively. The US is not scheduled to release any major economic data as the trade week comes to a close. Just after 10 a.m. in New York, the Nasdaq climbed 0.1%, a gain of 4.5 points to 4,364.05; the S&P 500 moderately rose 0.16%, a climb of 3.23 points to 1,962.74; and the Dow was even at 16,921.46.
The beginning and the end of the Friday trade session are forecast to show high levels of volume while stock options, index options, index futures and single-stock futures are set for expiration. For that reason, Friday is considered a "quadruple watching" day, according to Reuters.
European stocks drive higher
Across the Atlantic, European stocks were also pushing toward weekly gains, according to Bloomberg. The Stoxx Europe 600 Index was propelled higher by stronger activity among mergers and acquisitions. Advances on Friday would mark a second consecutive day of gains.
Economic data about consumer confidence in Europe is slated for release on Friday. Analysts and economists polled by Bloomberg predicted the metric would rise to negative 6.5 this month after checking in at minus 7.1 last month.
Iraqi strife to impact England?
England, host of the globe's sixth-largest economy, could find itself in peril of terror attacks if the wrong power ascends in Iraq, the nation's prime minister said earlier this week. The BBC reports David Cameron said Sunni Islamic militants waging war on Iraqi forces also are scheming against the UK. During the National Security Council meeting on Wednesday, the prime minister said English military forces will not act in support of the government of Nouri al-Maliki.
By contrast, President Obama said on Thursday that he is dispatching 300 military advisors to the Middle Eastern nation, according to CNN. He did not rule out military action. Fighting in Iraq has caused shivers in global stock markets amid concerns about a full-blown civil war.
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