Stocks are higher today, continuing their rebound ahead of several key events in the near-term.
S&P 500 futures are up 0.9 percent, following a gain of more than 1 percent yesterday, and Europe is up about 2 percent. Japan and India both gained more than 1 percent overnight, although mainland Chinese stocks fell more than 2 percent on profit taking. Oil is stable.
The S&P 500 and Nasdaq 100 both fell during the light-volume period around New Year's, only to find support at last summer's highs as institutional buyers returned. Several major catalysts are coming as well--namely non-farm payrolls tomorrow morning and the start of corporate earnings season next week. Initial jobless claims are also scheduled for 8:30 a.m. ET today.
That agenda will likely shift attention back to the strong domestic economy, which continues to face a goldilocks scenario of steady improvement and low interest rates. Yesterday, ADP's private-sector payrolls report showed better-than-expected job growth, while minutes from the last Federal Reserve meeting showed no pressing need to raise interest rates.
Retailers have benefited from the stronger consumer economy, and now homebuilders are also starting to show signs of life. Other stocks that benefit from lower rates, like utilities and real-estate investment trusts, have also gained. optionMONSTER's proprietary researchLAB market scanner also shows value hunting in gold and silver miners.
In company-specific news, Biogen Idec rose about 2 percent after reporting positive mid-stage data for its results for a drug to treat a disease leading to blindness. Constellation Brands gained about 3 percent after reporting strong quarterly results.
Oil has turned higher and is now up almost 1 percent. Copper is also positive while precious metals are little changed. The euro and Japanese yen are both lower against the U.S. dollar.
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