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U.S. stock futures point modestly higher; Dow futures up 0.1%

Published 03/22/2011, 09:05 AM
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Investing.com – U.S. stock futures pointed to a modestly higher open on Tuesday, as investors continued to monitor fighting in Libya and progress over Japan’s nuclear crisis. 

Dow Jones Industrial Average futures indicated a gain of 0.1%, the S&P 500 futures eased up 0.05%, while Nasdaq 100 futures implied an increase of 0.2%.

Earlier in the day, a U.S. Military spokesman said that a U.S. F-15 fighter jet crashed in Libya, apparently due to a mechanical failure. Both crew members were safe.

Meanwhile, Tokyo Electric Power Co., operator of the stricken Fukushima Daiichi power plant, said they restored power to all six reactor units at the site.

In earnings news, the largest U.S. discount retailer Dollar General saw shares rally 4.2% in pre-market trade after it said its fourth quarter profit more than doubled to USD222.5 million. Revenue in the quarter rose by 8.5% to USD3.5 billion, driven by strong holiday season sales.

Shares in pharmaceutical giant Bristol-Myers Squibb jumped 3.9% after it said its experimental skin cancer drug boosted the survival of patients with advanced melanoma when combined with chemotherapy.

However, the largest U.S. drugstore chain Walgreen saw shares drop 3.2% after it reported second quarter earnings that fell short of market expectations.

Also Tuesday, shares in chipmakers could be on the move after Citibank upgraded the semiconductor industry following the sector’s recent declines. 

Other stocks in focus included Research in Motion, which announced that the Blackberry Playbook tablet would be available in the U.S. and Canada from April 19, and software designer Adobe Systems, which was slated to report earnings results after markets closed.

In Europe, the EURO STOXX 50 added 0.12%, France’s CAC 40 eased up 0.07%, Germany's DAX shed 0.25%, while the FTSE 100 dipped 0.23%.

During the Asian trading session, Hong Kong's Hang Seng Index closed 0.75% higher, while Japan’s Nikkei 225 Index jumped 4.4% as shares in Japanese exporters continued to rebound from heavy losses suffered in the aftermath of the deadly March 11 earthquake.

Later in the day, the U.S. was to publish a report on home prices for January, while the Federal Reserve Bank of Richmond was to produce data on manufacturing activity in the region.


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