Futures Pointing To Modestly Higher Open On Wall Street

(RTTNews) - While trading activity is likely to be somewhat subdued, stocks may move to the upside at the start of trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 16 points.

The upward momentum for the markets comes on the heels of the pullback that was seen in the previous session, which reflected concerns about weakness overseas.

Nonetheless, many traders are likely to be away from their desks today, getting a head start on the New Year's Eve festivities.

A report from the Labor Department showing a bigger than expected increase in initial jobless claims may also limit any early upside for the markets.

The Labor Department said jobless claims climbed to 298,000 in the week ended December 27th, an increase of 17,000 from the previous week's revised level of 281,000.

Economists had expected jobless claims to rise to 290,000 from the 280,000 originally reported for the previous week.

Not long after the open, trading could be impacted by the release of reports on Chicago-area business activity and pending home sales.