What to watch, courtesy of Yahoo! Finance's Elizabeth Trotta:
Good morning! World stocks are mixed and U.S. futures are pointing to extended gains at the open on euro debt plan hopes.
Greece's lenders arrived to audit a government austerity plan they want implemented in return for a new 109-billion-euro ($148.6 billion) rescue plan. German Chancellor Angela Merkel suggested a new bailout may be renegotiated amid debate about the size of losses bondholders should face, Reuters reports.
Investors are awaiting data on oil inventories and big ticket purchases in the U.S. An early economic report showed a 9% increase in mortgage application activity last week as mortgage rates fell "at least partially" in response to the Fed's indication it will shift toward longer term securities and resume purchasing mortgage-backed securities.
Economists surveyed by Bloomberg said President Obama's $447 billion jobs plan would help avoid a return to recession in 2012 by maintaining growth and helping to lower the unemployment rate. Those surveyed estimated the plan would affect a change to GDP of 0.6% next year, more modest than Treasury Secretary Tim Geithner's estimate of 1.5%.
7 a.m.: MBA Mortgage Index (+ 9.3%: Story)
8:30 a.m.: Durable Goods Orders (preview)
10 a.m.: Crude Oil Inventories (preview)
Federal Reserve Chairman Ben Bernanke is expected to discuss globalization and the growing role of emerging nations at the Cleveland Clinic.
- German Chancellor Angela Merkel