Greenspan's testimony, automobile manufacturer's earnings among big factors in Tuesday's trading.
Alan Greenspan and General Motors will garner Wall Street's attention Tuesday as investors look for direction about interest rates and corporate earnings.
Early Tuesday, futures pointed to a higher start for the major indexes.
Greenspan is set to testify before the Senate Banking Committee at 2:30 p.m. ET to speak on the condition of the U.S. banking and credit union industry. But investors will be watching closely for any signals from the Federal Reserve chairman about the future of interest rates.
The Fed's previous statements have suggested that it would be slow to raise rates. But in recent weeks, improved employment reports and some signs of increased inflationary pressure have raised expectations that a rate hike will come sooner than later.
The Dow Jones industrial average is coming off a modest Monday loss of 0.1 percent, dragged lower in part by the sudden death of McDonald's (MCD: Research, Estimates) CEO Jim Cantalupo. The Nasdaq composite index managed a solid gain of 1.2 percent as tech stocks led the advance. (See chart for details)
Among U.S. stocks trading in Europe, McDonald's was up about a half percent as it recovered from solid losses Monday.
Asian-Pacific stocks got a lift from bank and tech issues Tuesday, with Tokyo's Nikkei index up 1.6 percent. European markets rose in early trading. (Check the latest on world markets)
Treasury prices edged higher, sending the 10-year note yield down to 4.37 percent from 4.38 late Monday. The dollar gained against the euro, but it weakened against the yen.
Brent oil futures slipped 20 cents to $33.26 a barrel in London, where gold was lower.
Among corporate news, telecom MCI emerged from the nation's largest bankruptcy case Tuesday morning. The company, formerly known as WorldCom, had been in bankruptcy since 2002 due to one of the nation's largest accounting scandals. There is a fear among some investors that the new MCI, free of some of its former debt, could start a new price war in the recovering telecommunications sector.
The long-distance wing of MCI competitor Sprint (FON: Research, Estimates) is expected to report first-quarter results Tuesday morning; analysts surveyed by First Call forecast a plunge to 19 cents from 34 cents a share a year earlier.
General Motors (GM: Research, Estimates) is one of three Dow components reporting results before the opening bell, along with Altria (MO: Research, Estimates) and Pfizer (PFE: Research, Estimates).
GM, the world's largest auto manufacturer, posted a profit of $2.25 a share in the first quarter, well above the $1.84 it earned a year earlier and also above Wall Street's estimates of $1.79 a share.
Earnings at food and tobacco company Altria came in at $1.16 a share, excluding restructuring charges of 9 cents. That apparently beat First Call's consensus forecast of $1.13.
Drug manufacturer Pfizer, the nation's largest drug maker, earned 52 cents a share excluding special items, edging the First Call forecast of 51 cents and up from the 45 cents it earned on that basis a year earlier.
U.S. Airways Group (UAIR: Research, Estimates), the nation's No. 7 airline, saw CEO David Siegel resign late Monday. The airline, which Siegel took out of bankruptcy last year, is facing new competitive pressures from the entry of discount carrier Southwest Airlines (LUV: Research, Estimates) at its Philadelphia hub.
Alan Greenspan and General Motors will garner Wall Street's attention Tuesday as investors look for direction about interest rates and corporate earnings.
Early Tuesday, futures pointed to a higher start for the major indexes.
Greenspan is set to testify before the Senate Banking Committee at 2:30 p.m. ET to speak on the condition of the U.S. banking and credit union industry. But investors will be watching closely for any signals from the Federal Reserve chairman about the future of interest rates.
The Fed's previous statements have suggested that it would be slow to raise rates. But in recent weeks, improved employment reports and some signs of increased inflationary pressure have raised expectations that a rate hike will come sooner than later.
The Dow Jones industrial average is coming off a modest Monday loss of 0.1 percent, dragged lower in part by the sudden death of McDonald's (MCD: Research, Estimates) CEO Jim Cantalupo. The Nasdaq composite index managed a solid gain of 1.2 percent as tech stocks led the advance. (See chart for details)
Among U.S. stocks trading in Europe, McDonald's was up about a half percent as it recovered from solid losses Monday.
Asian-Pacific stocks got a lift from bank and tech issues Tuesday, with Tokyo's Nikkei index up 1.6 percent. European markets rose in early trading. (Check the latest on world markets)
Treasury prices edged higher, sending the 10-year note yield down to 4.37 percent from 4.38 late Monday. The dollar gained against the euro, but it weakened against the yen.
Brent oil futures slipped 20 cents to $33.26 a barrel in London, where gold was lower.
Among corporate news, telecom MCI emerged from the nation's largest bankruptcy case Tuesday morning. The company, formerly known as WorldCom, had been in bankruptcy since 2002 due to one of the nation's largest accounting scandals. There is a fear among some investors that the new MCI, free of some of its former debt, could start a new price war in the recovering telecommunications sector.
The long-distance wing of MCI competitor Sprint (FON: Research, Estimates) is expected to report first-quarter results Tuesday morning; analysts surveyed by First Call forecast a plunge to 19 cents from 34 cents a share a year earlier.
General Motors (GM: Research, Estimates) is one of three Dow components reporting results before the opening bell, along with Altria (MO: Research, Estimates) and Pfizer (PFE: Research, Estimates).
GM, the world's largest auto manufacturer, posted a profit of $2.25 a share in the first quarter, well above the $1.84 it earned a year earlier and also above Wall Street's estimates of $1.79 a share.
Earnings at food and tobacco company Altria came in at $1.16 a share, excluding restructuring charges of 9 cents. That apparently beat First Call's consensus forecast of $1.13.
Drug manufacturer Pfizer, the nation's largest drug maker, earned 52 cents a share excluding special items, edging the First Call forecast of 51 cents and up from the 45 cents it earned on that basis a year earlier.
U.S. Airways Group (UAIR: Research, Estimates), the nation's No. 7 airline, saw CEO David Siegel resign late Monday. The airline, which Siegel took out of bankruptcy last year, is facing new competitive pressures from the entry of discount carrier Southwest Airlines (LUV: Research, Estimates) at its Philadelphia hub.
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