Stocks around the world and U.S. futures gained, led by commodity producers as oil prices climbed to a seven-month high and copper and tin reached their highest levels since October.
The positive disposition was also helped on news that Home Depot raised its earnings guidance for 2009. Banks also were broadly higher as the market digested news that some of the largest institutions would be repaying government bailout money. In other corporate news, the Supreme Court cleared the way for Chrysler to exit bankruptcy.
On the economic front, the April Trade Balance report did not change this morning’s bullish bias in the stock markets. The trade deficit widened slightly but was in-line with expectations. The report continues to reflect the ongoing economic difficulties around the globe. The Federal Reserve’s release of its Beige Book, the monthly budget statement and the weekly oil inventories report are also schedule for today.
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