February 06, 2013-Stocks Edge Higher on Economic Optimism

Wall Street's momentum has not deserted it amid its optimism about the global economy, as reflected by the U.S. index futures, which point to a higher open on Wednesday. Undeterred by the extended rally, the major averages have been relentlessly climbing. Earlier in the day, Japanese Nikkei 225 average climbed to fresh multi-year highs, as the yen sagged further. European stocks are also advancing, although amid some volatility. In the absence of any major domestic economic catalysts, traders may focus on a handful of key earnings. The Dow futures are adding 18 points and the S&P 500 futures are up 1.40 points, while the Nasdaq 100 futures are rising 0.75 points. U.S. stocks rebounded on Tuesday post the previous session's sell-off, as traders focused on the positive tidings on the corporate earnings and economic front. On the economic front, the Treasury is due to make announcements concerning the auction of 3-year and 10-year notes and 30-year bonds at 9 am ET. The Energy Information Administration is scheduled to release the results of its weekly oil inventory report for the week ended February 1st at 10:30 am ET.