Before the Bell

When Wall Street's happy, almost nothing - even scary economic news from China - can get it down.

Stock futures are pointing up as the market likes what it's seen of earnings so far. Do we dare to start contemplating Dow 13,000?

For today, there's little economic news to ruin the mood. Fed Board Governor Frederic Mishkin and Treasury Secretary Henry Paulson are both speaking later.

But ahead of weekend elections in major oil exporter Nigeria, U.S. crude is up near $63 a barrel, and London Brent has jumped above $66.

The dollar is up a bit against the yen, but is at a two-year low against the euro as traders expect the European Central Bank to raise interest rates again in June.

U.S. Treasuries are flat. Late yesterday, Google reported earnings that beat Wall Street forecasts, and oilfield services company Schlumberger and diversified manufacturer Honeywell are among the companies that did so today.

But Pfizer shares are down after the drug maker cut its full-year outlook.

The Wall Street Journal reports that Chrysler may have a new suitor - the United Auto Workers union.

Lisa Von Ahn - Editor
www.reuters.com