Bulls look for more
Bulls look for more
2/3/2004 15:45
Auto sales reports due Tuesday as investors build toward February jobs figures later in the week.

Bullish investors will be looking Tuesday for more positive economic indications in the aftermath of a solid rally in the previous session.


At 5:50 a.m. ET, futures pointed to slightly lower start for the major index.

The Dow Jones industrial average gained 0.9 percent and the Nasdaq composite index added 1.4 percent Monday as investors saw the positives in reading about manufacturing and personal income (see chart for details).

The week is building to the employment report for February, due before Friday's open, amid signs of strength. The employment component of the ISM's manufacturing index on Monday reached a more than 16-year high.

The only reports due Tuesday are from the nation's vehicle makers as they report February sales around midday. Economists surveyed by Briefing.com expect the annual auto sales rate to rise to 5.5 million from 5.2 million in January; truck sales, which include SUVs and minivans, are seen holding at a 7.8 million rate.

Also in the background Tuesday is the continuation of violence in Iraq. Bombings in two cities aimed at Shiite religious festivals have left scores of people dead.

Asian-Pacific stocks ended higher Tuesday, with Tokyo's Nikkei finishing at a 21-month high after a 0.8 percent advance. European markets were higher in early trading. (Check the latest on world markets)

Among U.S. stocks trading in Europe, Hewlett-Packard (HPQ: Research, Estimates) shares rose nearly 2 percent. The computer and printer maker announced a $100 million deal to supply products and services to Ford Motor.

Treasury prices fell in early trading, sending the 10-year note yield up to 4 percent from 3.98 percent late Monday. The dollar rallied against the yen and euro.

Brent oil futures slipped 23 cents to $33.11 a barrel in London. Gold was lower.

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