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Market News

European Markets

European markets are called to open higher after the strong rebound in US markets.

Asian Markets

Asian markets rally following the US markets. Asian stocks climbed for the first time in seven days, South Korea’s won strengthened the most in six months and commodities rallied, with oil rebounding from a 10-month low, after the Federal Reserve pledged to keep interest rates near zero through mid-2013. Treasuries dropped.

US Markets

U.S. stocks ended a gut-wrenching session with huge gains — erasing a big chunk of the prior session’ steep losses — after the Federal Reserve said it will keep interest rates exceptionally low until 2013.

Events this week

Wednesday – Dow member and technology giant Cisco Systems reports its quarterly results after the closing bell. Analysts are looking for it to report a profit of 38 cents a share, according to Thomson Reuters.

Also reporting after the closing bell is media company News Corporation (NWSA, Fortune 500), which has recently been in the news due to its alleged part in the U.K.’ phone hacking scandal.

The sole economic report out on Wednesday is June wholesale inventories, which are expected to rise 1%.

Thursday – Investors will get the Labor Department’ weekly jobless claims report and U.S. trade balance figures at 8:30 a.m. ET. The number of people filing for unemployment benefits is expected to climb to 409,000 and economists expect the U.S. will post a $48 billion trade deficit for June.

Companies reporting on Thursday include chip maker Nvidia (NVDA), and retailers Kohl’ (KSS, Fortune 500) and Nordstrom (JWN, Fortune 500).

Friday – The Commerce Department will release its July retail sales report at 8:30 a.m. ET. Economists are looking for retail sales to climb 0.5%, or 0.2% excluding volatile car and truck sales.

Also out on Friday is the University of Michigan’ consumer sentiment reading for August and the Commerce Department’ June business inventory report.

JC Penney (JCP, Fortune 500) will report its quarterly results, with analysts expecting the retail chain to post a profit of 6 cents a share.