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The market closed with gains on Wednesday with the announcement of the Feds highly anticipated action plan for economic stimulus. As a result of the Feds plans to buy 600 billion of U.S. treasuries, in a measure called quantitative easing, stocks rallied Thursday morning and soared throughout the day. The Dow Jones jumped over 200 points and all three major indices reached two year highs. Global markets surged as well as commodities and Treasuries rallied. Pending Home Sales are due out today from the National Association of Realtors. As home sales are often a positive indicator of the general health of the economy, hopes are that signs will point toward home sales improvements. More focus will be paid to jobs and specifically unemployment right now. Unemployment is still hovering at high levels and the numbers have been consistently high for close to two years. Mid-term elections are over and with a change of power in the House and Republican seats added in the Senate, business stimulation and job growth will be highlighted further. On average, the nation is looking to add approximately 175,000 jobs per month. The momentum that closed out the day with positive gains yesterday in the stock market is not carrying over for stock futures before opening bell today. The Dow, Nasdaq and S&P 500 are lower ahead of opening bell for November 5th, 2010. Author: Frank Matto
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