US stock futures pointed to higher start early this morning, which could lead to the fourth straight session of gains. The S&P 500 Index finished more than 4% higher yesterday sending the index 12.5% higher than its low point one week ago.
An increase in confidence stemmed from Citigroup, Bank of America, and General Motors all saying they do not need more government cash injections for now. Separately, Japan has indicated that it wants to pursue another stimulus spending package while China asserted it can add “at any time” 4 trillion yuan ($585 billion) of stimulus measures to revive the world’s third-biggest economy.
The January trade balance report reinforces why it is necessary for governments around the globe to do what they can to stimulate demand. The trade deficit narrowed more than expected, shrinking 10% to $36.03 billion, indicating an overall contraction in global trade. The only other economic report scheduled for today is the consumer sentiment report.
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