Wednesday, January 27, 2010

US STOCKS SNAPSHOT-Futures advance on Obama's speech

NEW YORK, Jan 27 (Reuters) - U.S. stock index futures added gains in late after-hours trading on Wednesday as investors took President Barack Obama's State of the Union speech as toning down some of the rhetoric that unnerved investors last week when he unveiled new restrictions on U.S. banks.

If you go back to what he said last week it was incredible how adversarial he was from a standpoint of the financial system: banks and fat-cats on Wall Street versus poor little Americans," said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm, based in Toledo, Ohio. "It seems from what I've heard he has toned down the rhetoric."

S&P 500 futures SPc1 rose 5.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration of the contract. Dow Jones industrial average futures DJc1 gained 51 points, and Nasdaq 100 futures NDc1 added 7.25 points. (Reporting by Ellis Mnyandu; Editing by Tomasz Janowski)

Source:reuters.com/

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