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U.S. stocks set to kick off the year on a positive note
Monday January 3, 9:18 am ET
By Mark Cotton, CBS MarketWatch
NEW YORK (CBS.MW) - U.S. stock futures are pointing to a higher open on the first day of trading in 2005, buoyed by a raised December sales outlook from Wal-Mart, a retreat in crude-oil prices and a firmer dollar.
Ahead of the bell Monday, Dow futures were up 60 points, at 10,828, Nasdaq 100 futures rose 9 points, to 1,637.50, while S&P 500 futures gained 4.90 points, to 1,218.60.
"Technically, the market is entering the new year quite overbought," said Marc Pado, U.S. market strategist, at Cantor Fitzgerald.
"The 'January Effect,' the buying of beaten down stocks that simply didn't perform in 2004, should still push the broader market higher in the first week or two of January as new money comes into the market."
Retailers in focus
Wal-Mart shares rose 1.3 percent, to $53.50 in pre-market trading on Instinet after the world's biggest retailer raised its outlook for December sales on a stronger-than-expected post-Christmas performance.
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