It's taken more than a month, but Wall Street has recovered the ground it lost during the free fall of late February and early March. Will it be able to gain more?
Don't look to the stock futures for an answer; they're pointing sideways ahead of some economic data. Durable goods numbers and the Institute of Supply Management's report on the service sector are both due shortly after the opening bell.
The Dallas Fed chief is also speaking today. U.S. Treasuries are firm, and the dollar hit a five-week peak against the yen. Mortgage applications fell last week as rates increased, according to just-released data.
Oil is holding steady above $64 a barrel as everyone's still hoping for a diplomatic solution to the Iran situation. DaimlerChrysler has finally admitted what many already knew: The company is in talks with prospective buyers of its Chrysler unit, although it's still not committed to making a sale.
That Tribune Co. is sure proving to be a magnet for magnates. A source says philanthropist Eli Broad and supermarket investor Ron Burkle are looking at mounting a counterbid for the media company, which this week accepted a bid from Chicago real estate entrepreneur Sam Zell. Texas lawmakers are getting ready to debate bills that could alter the regulatory framework affecting a private equity consortium's planned $32 billion buyout of power company TXU.
Stay tuned for earnings results from consumer electronics retailers Circuit City and Best Buy.
Lisa Von Ahn- Editor