|The BS Power Of ONE STOCK! --futures unfazed by durable newsU.S. Futures Steady After Weak Data|
By JONATHAN CHENG And TOMI KILGOREU.S. stock futures rose as blowout results from Apple and gains in overseas markets helped lift investor spirits ahead of the Federal Reserve's policy statement.
Less than an hour before Wednesday's opening bell, Dow Jones Industrial Average futures advanced 29 points, or 0.2%, to 12988. Standard & Poor's 500-stock index futures gained eight points, or 0.6%, to 1379 and Nasdaq 100 futures climbed 53 points, or 2%, to 2686.
Those gains were off a touch after a disappointing reading on U.S. durables-goods orders. Prior to that report, Dow futures rose 37 points and S&P 500 futures had climbed nine points. Changes in stock futures don't always accurately predict stock moves after the opening bell.
Investors(Edit:with 60% of volume being buy mode from trading machines--investors?????Max) were focused on shares of Apple, which ran up 10% in premarket trading after the technology bellwether reported fiscal second-quarter earnings, revenue and iPhone sales that blew past expectations. That helped dispel fears of potential slowdown in iPhone sales.(Let them eat their iPhones when all goes kablooey--Max:)
Associated PressTraders on the New York Stock Exchange on Monday.
In economic headlines, data on durable goods orders for March showed a surprise drop of 4.2% from the previous month, far below expectations for a 2% gain. Excluding transportation, orders fell 1.1%, versus expectations for a 0.6% rise.
The Federal Reserve's policy setting committee will release a statement midday, and Fed Chairman Ben Bernanke will hold a press conference at 2 p.m. Investors will be looking for signs of any potential changes in monetary policy.
European markets were broadly higher, with the Stoxx Europe 600 up 0.7%, as strong results from Apple and other European companies helped offset data showing that the U.K. fell into recession during the first quarter.
U.K. gross domestic product fell 0.2% in the first quarter, compared with expectations of a slight rise, after declining 0.3% in the fourth quarter. A recession is widely believed to be defined by two consecutive quarters of economic contraction.