Stocks were poised to open higher Wednesday, after a rise in durable goods orders and strong profits from companies such as Amazon.com made the Dow Jones industrials' 13,000 goal appear more attainable.
The Commerce Department said Wednesday that orders for durable goods increased by 3.4 percent in March to a seasonally adjusted $214.85 billion, more robust than the market anticipated.
The data added to investor enthusiasm over better-than-expected gains in first-quarter profits released by Amazon.com late Tuesday, and by soft drink maker PepsiCo Inc., materials manufacturer Corning Inc. and consumer products company Colgate-Palmolive Co. early Wednesday.
Surprisingly strong earnings data have pushed the Dow closer to 13,000, but investors still face more economic reports that could derail the upward trend if they indicate the economy is slowing too quickly. Later Wednesday, the Commerce Department reports on new home sales, and the market is predicting that more new homes were sold in March than in February.
Ahead of Wednesday's market opening, Dow futures expiring in June rose 29.00, or 0.22 percent, to 13,036. The Standard & Poor's 500 index futures rose 3.20, or 0.21 percent, to 1,491.70, and Nasdaq 100 futures rose 5.25, or 0.28 percent, to 1,875.50.
The technology-dominated Nasdaq was lifted by Amazon.com, which said late Tuesday that first-quarter profit more than doubled, besting analyst estimates. The Web retailer also boosted its revenue outlook for the year, reassuring investors that the technology sector has the potential to keep posting profits.
On Tuesday, stocks closed mixed after an afternoon turnaround. The Dow traded within 11 points of 13,000 before closing at 12,953.94. The index has risen in 16 of the last 18 trading sessions, and has hit 34 record closes since the beginning of October last year.
Dow component Boeing Co. reported better-than-expected results early Wednesday, but its stock fell in premarket trading, retreating from an all-time high reached Tuesday after Virgin Atlantic and Air Canada chose the plane manufacturer's 787 Dreamliner over a rival model.
So far, 18 of the 30 Dow components have reported earnings, and 12 have exceeded expectations. The results buoyed the blue-chip index to three record closes last week, and new intraday trading highs this week.
Along with earnings data, investors will be examining the Federal Reserve's Beige Book on economic activity in various U.S. regions.
Gold rose, while the dollar approached a record low against the euro.
Crude oil prices rose 27 cents to $64.85 a barrel in electronic premarket trading on the New York Mercantile Exchange.
Overseas, Japan's Nikkei stock average fell 1.24 percent. Britain's FTSE 100 was up 0.41 percent, Germany's DAX index was up 0.61 percent, and France's CAC-40 was up 0.83 percent.
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
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