U.S. stocks were headed for positive open after a disappointing end to yesterday’s trading.
Futures were pushed higher on reports that Microsoft and Amazon both topped estimates. Investors were also relieved of some uncertainty after Fed Chairman Ben Bernanke was confirmed for a second term yesterday.
The big boost today comes from the GDP report. Coming out of the worst recession in generations, the U.S. economy grew at the fastest pace in six years during the fourth quarter of 2009, according to the first estimate released by the Commerce Department. Real gross domestic product increased at a 5.7% seasonally adjusted annual rate in the final three months of the year. The economy expanded at a 2.2% annual rate in the third quarter, and for all of 2009, the economy contracted 2.4%.
At 9:45 am ET the Chicago Purchasing Managers index will be released and is forecast to come it at 57.2 for January compared to December’s 58.7 reading. At 9:55 am, the University of Michigan’s consumer sentiment index is likely to have edged higher to 73 compared to the prior month’s 72.5 reading.
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