Federal Reserve Vice Chairman Stanley Fischer said the US labor market is “very close to full employment” in an interview with Bloomberg Television on Tuesday, adding he couldn’t say whether the next interest rate increase would be “one and done”. That could help banks recover from a long slump by making lending more profitable.
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Futures on the Dow Jones Industrial Average (DJIA) are about 16 points above fair value. The S&P 500 Index finished up 11.34 points, or 0.5%, at 2,180.38, as the financial sector gained 1%, followed by a rise in materials stocks.
On the Dow, Dupont led gainers up 1.2 percent, while Nike (Sao Paolo: NIKE34F.SA – news) was the top loser, off 0.6 percent.
STILL A BELIEVER: Herbalife added $2.36, or 3.9 percent, to $62.80 after Icahn said late Friday he had bought an additional 2.3 million shares in the supplements and weight-loss products company, and that he never gave an order to sell his $1 billion stake.
U.S. futures pointed to a marginally weaker open on Wall Street as investors looked ahead to the all-important non-farm payrolls report at the end of the week.
Personal income rose 0.4 percent in July, according to the Department.
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On the upside, United Continental Holdings was in the black in pre-market trade after it said late on Monday that it has named Scott Kirby as president. The yield on the 10-year Treasury note fell to 1.60 percent from 1.63 percent. The euro rose to $1.1187 from $1.1183.
