Stocks ready for rebound - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Stocks ready for rebound

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  • 'Rocket Man' to 'Terrific': Trump lauds Kim in UN return

    'Rocket Man' to 'Terrific': Trump lauds Kim in UN return

    Monday, September 24 2018 12:51 AM EDT2018-09-24 04:51:38 GMT
    Tuesday, September 25 2018 1:03 AM EDT2018-09-25 05:03:53 GMT
    (AP Photo/Richard Drew, File). FILE - In this Sept. 19, 2017 file photo, U.S. President Donald Trump addresses the 72nd session of the United Nations General Assembly, at U.N. headquarters. Trump will be joined by other populist leaders at the 73rd Gen...(AP Photo/Richard Drew, File). FILE - In this Sept. 19, 2017 file photo, U.S. President Donald Trump addresses the 72nd session of the United Nations General Assembly, at U.N. headquarters. Trump will be joined by other populist leaders at the 73rd Gen...

    Trump will stress his dedication to the primacy of U.S. interests while competing with Western allies for an advantage on trade and shining a spotlight on the threat that he says Iran poses to the Middle East and beyond.

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    Trump will stress his dedication to the primacy of U.S. interests while competing with Western allies for an advantage on trade and shining a spotlight on the threat that he says Iran poses to the Middle East and beyond.

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  • Trump leads aggressive, all-out GOP drive to save Kavanaugh

    Trump leads aggressive, all-out GOP drive to save Kavanaugh

    Monday, September 24 2018 2:52 AM EDT2018-09-24 06:52:33 GMT
    Tuesday, September 25 2018 12:53 AM EDT2018-09-25 04:53:51 GMT
    (AP Photo/Manuel Balce Ceneta). FILE - In this Sept. 5, 2018, file photo, Supreme Court nominee Brett Kavanaugh testifies before the Senate Judiciary Committee on Capitol Hill in Washington. Combat won out over caution. White House aides and congressio...(AP Photo/Manuel Balce Ceneta). FILE - In this Sept. 5, 2018, file photo, Supreme Court nominee Brett Kavanaugh testifies before the Senate Judiciary Committee on Capitol Hill in Washington. Combat won out over caution. White House aides and congressio...

    The new accusation came just a few hours after negotiators had reached an agreement to hold a public hearing Thursday for Kavanaugh and Christine Blasey Ford, who accuses him of sexually assaulting her at a party when they were teenagers.

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    The new accusation came just a few hours after negotiators had reached an agreement to hold a public hearing Thursday for Kavanaugh and Christine Blasey Ford, who accuses him of sexually assaulting her at a party when they were teenagers.

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  • 4 dead, including suspect, after Maryland warehouse shooting

    4 dead, including suspect, after Maryland warehouse shooting

    Thursday, September 20 2018 10:38 AM EDT2018-09-20 14:38:29 GMT
    Friday, September 21 2018 12:48 AM EDT2018-09-21 04:48:06 GMT
    Multiple people are dead after a female gunman opened fire at a Rite Aid warehouse Thursday morning in Aberdeen, MD, north of Baltimore. (Source: WJZ/CNN)Multiple people are dead after a female gunman opened fire at a Rite Aid warehouse Thursday morning in Aberdeen, MD, north of Baltimore. (Source: WJZ/CNN)
    Multiple people are dead after a female gunman opened fire at a Rite Aid warehouse Thursday morning in Aberdeen, MD, north of Baltimore. (Source: WJZ/CNN)Multiple people are dead after a female gunman opened fire at a Rite Aid warehouse Thursday morning in Aberdeen, MD, north of Baltimore. (Source: WJZ/CNN)

    Authorities say multiple people have been shot in northeast Maryland in what the FBI is describing as an "active shooter situation".

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    Authorities say multiple people have been shot in northeast Maryland in what the FBI is describing as an "active shooter situation".

    More >>

Posted by Rachel Leigh email

NEW YORK (CNNMoney.com) - Stock futures continue to point to a higher open, holding onto earlier gains after the government reported claims for initial unemployment came in just slightly worse than expected.

A surprise report from IBM also helped prop up futures, as did a rally in European markets.

Stock futures were higher about an hour before the opening bell.

Markets have gotten hammered this week, with the Dow industrials shedding roughly 1,600 in the past week. And Wednesday wasn't much better. It was another disappointing session despite a half-point rate cut from the Federal Reserve. Stocks were volatile amid market turmoil in Europe and Asia. The Dow ended trading with a slump of 200 points, or 2%, while the Nasdaq dropped nearly 1%.

The Labor Department said initial claims for unemployment fell by 20,000 to 478,000 in the week ended Oct. 4. That's slightly worse than the 475,000 expected by economists surveyed by Briefing.com.

Much of what was pushing futures higher was "the IBM effect and a technical bounce from new lows" in the stock market, said Peter Cardillo, economist for Avalon Partners, before the jobless report came out.

On Wednesday, IBM (IBM, Fortune 500) surprised investors by releasing its quarterly results earlier than expected.

Big Blue reported a 20% jump in third-quarter profit to $2.05 a share, handily topping analyst estimates by 4 cents a share. IBM also reaffirmed its full-year outlook. Shares of IBM rose nearly 5% in premarket trading.

Cardillo also said the markets could also be getting relief from "a new government intervention by taking a stake in some of the banks."

To help bolster the markets, the Bush administration is considering taking ownership stakes in certain U.S. banks, as part of the $700 billion bailout package that was approved last week, according to the Associated Press.

Also, the New York Federal Reserve said late Wednesday that it is lending up to $37.8 billion to AIG, just three weeks after the Fed extended an $85 billion taxpayer-funded credit line to the troubled insurance giant. AIG (AIG, Fortune 500) recently disclosed that it had already taken out $61 billion of the debt.

Meanwhile, credit markets remain tight as lenders stay wary of taking on any unnecessary risk. Libor, the overnight bank lending rate, slipped to the still-high 5.09% from the previous rate of 5.38%, according to Bloomberg.com data. The 3-month Libor rate rose to 4.75% from 4.52%.

Economy: At 10 a.m. ET, the Census Bureau will report its August sales and inventory statistics for wholesale inventories. Economists surveyed by Briefing.com expect a gain of 0.4%, compared to a gain of 1.4% in July.

Markets, money and oil: The Nikkei closed down about 0.5%, but markets were higher in London, Frankfurt and Paris, rallying after a dismal Wednesday that was trailing the turmoil of the U.S. markets. The U.S. dollar slipped against the euro and the British pound but rose against the yen. The price of oil traded within a narrow range, dropping 19 cents a barrel to $88.76.

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