U.S. equity index futures are higher this morning. S&P 500 futures added 1 point in pre-opening trade. Index futures moved higher following news that the European Union has reached an agreement to bail out Greece. Details have yet to be released.
Index futures briefly moved slightly higher following release at 8:30 AM of the weekly jobless claims report, but slipped lower prior to the opening. Jobless claims fell a surprising 43,000 to 440,000.
Crude oil added another $0.21 per barrel after the International Energy Agency raised its estimate for world crude oil demand in 2010 by 1.6 million barrels per day.
First Energy has offered to acquire Allegheny Energy in an all stock deal valued at $4.7 billion.
Several Canadian companies reported lower than expected fourth quarter earnings including Canadian Tire, Encana and SunLife.
Pepsico is slightly higher after reporting fourth quarter earnings in line with expectations. Revenues exceeded expectations.
Bernstein upgraded 3M from Market Perform to Outperform. Target price was raised from $90 to $99.
Analysts are taking a more positive stance on the U.S. Oil Service sector. ‘Tis the season for the sector to move higher! This morning HSBC raised its rating on Cameron International from Neutral to Outperform. Target price is $49.
Don Vialoux, chartered market technician, is the author of a free
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