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Wall Street Poised To Open Higher


The Federal Open Market Committee or FOMC meeting that began today to evaluate the relative concerns over the outlook for economic growth and pending inflation will be concluded on Wednesday with a Press Conference by the Fed Chair. Investors are awaiting the Fed Chair's comments at the media briefing.

Redbook same store sales and Factory Orders for January are the major economic announcements today.

Asian shares were broadly lower at the close, while European shares are trading higher.

Initial cues from the U.S. Futures Index suggest that Wall Street might open higher.

As of 8.00 am ET, the Dow futures were adding 10.25 points, the S&P 500 futures were up 30.25 points and the Nasdaq 100 futures were surging 504.00 points.

The U.S. major averages all closed in positive territory. The Dow rose 65.23 points or 0.3 percent to 25,914.10, the Nasdaq climbed 25.95 points or 0.3 percent to 7,714.48 and the S&P 500 advanced 10.46 points or 0.4 percent to 2,832.94.

On the economic front, the Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. In the prior week, the Store Sales were up 4.4 percent.

The Commerce Department's Factory Orders for January will be published at 10.00 am ET. The consensus is for no change, while it grew 0.1 percent in the prior month.

Asian stocks ended broadly lower on Tuesday. Chinese shares fell on profit taking. The benchmark Shanghai Composite index dropped 5.44 points or 0.18 percent to 3,090.98 while Hong Kong's Hang Seng index edged up 0.19 percent to 29,466.28.

Japanese shares edged lower. The Nikkei average slipped 17.65 points to 21,566.85 while the broader Topix index ended down 3.45 points at 1,610.23.

Japan's industrial output fell a seasonally adjusted 3.4 percent month-on-month in January, following a 3.7 percent decline estimated earlier, a government report showed.

Australian markets fluctuated before finishing marginally lower. Australia All Ordinaries finished down 7.00 points or 0.11 percent at 6,276.60.

European shares are trading in the green. France's CAC 40 is adding 26.72 points or 0.49 percent. Germany's DAX is gaining 101.26 points or 0.87 percent. FTSE 100 of U.K. is climbing 46.78 points or 0.64 percent. Swiss Market Index is up 71.84 points or 0.76 percent.

Eurozone's leading Blue Chip index,Euro Stoxx 50, is adding 0.70 percent.

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