Before the Bell

The law of gravity only goes so far on Wall Street, and today is no exception.
Stock futures are pointing higher because after a few days of declines, share prices are looking appealing. But let's not get ahead of ourselves. There's still the Iran conflict, and it's extremely doubtful that Fed chief Ben Bernanke - who drove down the market yesterday by voicing concern about inflation - has reversed his position overnight.

Today's economic agenda includes speeches from other Fed officials and the final reading on fourth-quarter gross domestic product. U.S. Treasuries are lower.

The dollar is down against the euro on worries about the U.S. economy. Oil is holding above $64 a barrel as 15 British sailors remain in Iranian custody. Canada's Globe and Mail is reporting that buyout firm Kohlberg Kravis Roberts has its eye on telecommunications conglomerate BCE.

Family Dollar reported quarterly earnings that exceeded Wall Street estimates - which were lowered after the discount retailer said earlier this month that results would come in at the low end of its forecast.

Lisa Von Ahn - Editor
Reuters.com