July 08, 2013- Stocks Look to Rise on Strong Payroll Data

After advancing solidly in the past week, Wall Street is persisting with its optimism on Monday. The major U.S. index futures are pointing to a higher opening. Asian stocks succumbed to selling pressure generated by fears about stimulus withdrawal, while the European markets are rebounding despite the release of weak German exports data and worries over Greece clinching a deal. With no meaningful domestic economic catalysts to drive trading, traders may focus on the earnings front, as aluminum maker Alcoa (AA) prepares to ring in the reporting season with the release of its quarterly earnings. The Dow futures are rising 72 points, the S&P 500 Index futures are moving up 9 points and the Nasdaq 100 futures are advancing 18.50 points. U.S. stocks extended their gains in the week ended June 5th, as positive economic data continued to lend support to the markets. On the economic front, The unfolding week's economic calendar is fairly light both in terms of quantum and the importance of the economic data. Preliminary results of a consumer sentiment survey by Reuters and the University of Michigan, the jobless claims report, the minutes of the June 18-19th monetary policy meeting and a few Fed speeches, including one from Chairman Ben Bernanke, are among the closely watched reports of the week.