European markets are called to open higher this morning.
Tech shares and energy stocks helped push the broader market higher on Wednesday, halting a three-day losing streak for the Dow and S&P 500.
Dell (DELL, Fortune 500) was the best performer on both the S&P 500 and the Nasdaq. Late Tuesday, the PC maker reported record earnings even as PC sales slumped.
And a more than 3% jump in oil prices boosted shares in the energy sector, including Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500), Tesoro (TSO, Fortune 500) and Cabot Oil (COG). The Energy SPDR (XLE), an exchange-traded fund which tracks several energy companies including Exxon and Chevron, rose nearly 3%.
The Dow Jones industrial average (INDU) added 81 points, or 0.7%, to close at 12,560; the S&P 500 (SPX) rose 12 points, or 0.9%, to 1,341; and the tech-heavy Nasdaq Composite (COMP) added 32 points, or 1.1%, to end at 2,815.
Oil prices jumped $3.19, or 3.3%, to $100.10 a barrel, after the Energy Department’s weekly oil inventory report showed U.S. crude supplies remained unchanged last week. Analysts had expected an increase of 550,000-barrels.
“This was the first non-bearish inventory report we’ve seen in a month,” said James Cordier, president of Liberty Trading Group.
Asian stocks rose a second straight day, after the U.S. Federal Reserve signaled interest rates will remain low and metal prices advanced on bets Chinese demand will escalate, boosting confidence in a global economic recovery.
Events this Week
Thursday: The government’s weekly report on initial claims for jobless benefits is expected to show a drop to 420,000 from 434,000 in the previous week.
No change is expected from the April index on leading economic indicators, following a 0.4% rise the month before.
Also out in the morning is the Philadelphia Fed index for May, a regional reading on manufacturing. The index is forecast to fall to 18, from 18.5 the previous month.
The National Association of Realtors will release its April reading existing home sales. Economists are looking for home resales to rise to an annualized rate of 5.2 million units, from 5.1 million in March.
On the earnings front, Sears Holdings (SHLD, Fortune 500) is expected to announce results in the morning, while Gap (GAP) will report in the afternoon.
Friday: Chinese Internet company Dangdang (DANG), which is similar to Amazon.com and made its debut in the U.S. markets in December, will deliver first-quarter results before the opening bell.