Wall Street Targets To Open In Positive Territory

(RTTNews) - On a lean day of economic announcements, investors might be focusing on earnings as well as the geopolitical developments on Wednesday. The Violent riots in the U.K. as well as the Middle East crisis are getting attention globally. In the Asian trading session, the dollar held steady. Oil prices fluctuated on an unexpected inventory build, countering global oil supply concerns.

Early trends on the U.S. Futures Index suggest that Wall Street might open positive. Asian shares finished mostly up, while European shares are trending higher.

As of 8.10 am ET, the Dow futures were up 288.00 points, the S&P 500 futures were adding 56.50 points and the Nasdaq 100 futures were progressing 238.50 points.

The major averages all closed on a firm note. The Dow ended up 294.39 points or 0.76 percent at 38,997.66. The S&P 500 closed up by $53.70 points or 1.04 percent at 5,240.03, while the Nasdaq settled higher by 166.77 points or 1.03 percent at 16,366.85.

On the economic front, the Energy Information Administration or EIA's Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the crude oil inventories were down 3.4 million barrels and the gasoline inventories were down 3.7 million barrels.

The 4-month Treasury bill auction will be held at 11.30 am ET. Ten-year Treasury Note Auction will be held at 1.00 pm ET.

The Fed's Consumer Credit for June will be released at 3.00 pm ET.

Asian stocks advanced on Wednesday. China's Shanghai Composite index finished marginally higher at 2,869. Hong Kong's Hang Seng index climbed 1.38 percent to 16,877.86.

Japanese markets rose for a second day. The Nikkei average ended the session up 1.19 percent at 35,089.62. The broader Topix index settled 2.26 percent higher at 2,489.21.

Australian stocks extended gains. The benchmark S&P/ASX 200 inched up 0.25 percent to 7,699.80 while the broader All Ordinaries index closed up 0.29 percent at 7,913.10.

European shares are trading higher. CAC 40 of France is gaining 256.60 points or 2.23 percent. DAX of Germany is adding 175.12 points or 1.01 percent. FTSE 100 of England is progressing 92.35 points or 1.15 percent. The Swiss Market Index is up 256.60 points or 2.23 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.46 percent.