Stocks point to mixed open ahead of G-7 meeting
Investors are far from shrugging off their anxieties about the economy, but are growing confident that more details will emerge soon about government efforts to revive it.
Stock futures traded mixed ahead of the market’s open Friday, with investors hopeful that economic leaders from the United States, Canada, Japan and other industrialized nations will come up with clear, specific ways to repair the global financial system at their meeting this weekend.
The market was also held afloat by news late Thursday that the U.S. administration is stepping up efforts to help distressed homeowners. Two people briefed on the plan told The Associated Press the administration would lower mortgage rates for borrowers on the verge of foreclosure. They spoke on condition of anonymity because the details were not yet complete.
Earlier this week, stocks took a tumble after U.S. Treasury Secretary Timothy Geithner revealed plans to assess financial institutions’ health and remove their toxic assets with the help of private investors — but gave few details about how the process would work. The market did not respond enthusiastically, either, to the $789 billion economic stimulus plan agreed to by Congress.
Dow Jones industrial average futures fell 22, or 0.28 percent, to 7,915. Standard & Poor’s 500 index futures rose 1.00, or 0.12 percent, to 836.40, while Nasdaq 100 index futures rose 5.50, or 0.44 percent, to 1,250.75.