October 02, 2012-Stocks Edge Higher on Spain Bailout Optimism

Notwithstanding the absence of any major trading cues, Wall Street seems to be holding its ground, as indicated by the U.S. index futures, which point to a moderately higher opening on Tuesday. Earlier in the global trading day, buoyed by a central bank decision to reduce key interest rates, Australian stocks rallied strongly, although Japanese stocks retreated. After seeing lackluster sentiment, European stocks have now moved to the upside. Reports of Spain's readiness to seek a bailout have perked up risk appetite, with euro firming up against the dollar. The Dow futures moving up 51 points, the S&P 500 futures are adding 7.80 points and the Nasdaq 100 futures are advancing 13.25 points. U.S. stocks scrambled to a mixed close on Monday, as the relief over a fairly positive manufacturing data was inadequate to relieve the economic anxieties. On the economic front, individual automakers are scheduled to release their monthly U.S. sales results for June. Economists expect domestic vehicle sales of 14.5 million for September, flat with last month.