Investors are hoping the stock market will continue its upward trend today after several days of losses. Good economic news from Asia and Europe drove the market higher yesterday. The Dow climbed 66 points. The S&P 500 rose 14 points and the Nasdaq ended the day up 38 points. Today, the Commerce Department will release new home sales data for July. Wall Street appears headed for a lower opening, based on futures trading.
- Asian stock markets rebounded today on encouraging economic data from China and Europe, but traders in European markets paused as they appeared to be waiting for data on U.S. home sales. Benchmark crude oil rose slightly and was just above $105 a barrel. The dollar rose against the euro and the yen.
- Regulators are likely to take a closer look after the latest electronic glitch in the world of high-tech trading that brought the Nasdaq to a halt for several hours. Thursday's incident also increases pressure on electronic exchanges to take steps to avoid future breakdowns and manage them better if they do occur.
- American Airlines and US Airways are asking for a November trial to settle the government's lawsuit against their proposed merger. The airlines have filed a motion to set a trial date in federal district court in Washington, D.C. The Justice Department and six states are suing to stop the merger, saying it'll reduce competition and lead to higher fares and extra fees.
- The latest economic news from Britain and Germany could be a reason for optimism. Britain's statistical agency has revised up its estimate of quarterly economic growth in the April-June period to 0.7 percent. And official data show that Germany had a budget surplus of 0.6 percent of GDP in this year's first half as rising tax income boosted government finances. Germany's finance minister says in an interview published today that he expects a future aid package for Greece to be much smaller than current deals.
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