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Sharjah Police said that investigations are ongoing to determine the circumstances of the accident
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US stocks set to open slightly higher, data on tap
NEW YORK - US stock index futures pointed to a slightly higher market open on Tuesday before data on consumer confidence and Federal Reserve minutes that could shed light on the economy’s health and future interest-rate moves.
In corporate news, shares of Boeing Co. may gain after the jet maker’s board approved a plan to buy back up to $3 billion of its own shares, equal to about 5 percent of its publicly traded stock.
The financial sector may get a boost after brokerage Morgan Stanley moved up US banks to “neutral weight” from ”underweight,” taking a more balanced view despite concerns regarding the direction of credit in terms of growth and quality.
The Conference Board releases its monthly consumer confidence survey for August at 10 a.m. (1400 GMT). Economists forecast confidence fell to 103 this month from 106.5 in July.
“The market is going to focus on consumer confidence. It’s expected to be down on higher gas prices and on the economy growing at a slower pace, but if it comes in-line, the market will be able to hold onto yesterday’s gains,” said Peter Dunay, investment strategist at Leeb Capital Management in New York.
Stocks rallied on Monday, with the blue-chip Dow ending at its highest since mid-May, as oil prices dropped sharply and Wal-Mart Stores Inc. forecast solid sales, calming fears that consumers would slash their spending.
S&P 500 futures were up 1.8 points, slightly above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures rose 22 points, and Nasdaq 100 futures gained 4 points.
Minutes from the Fed’s Aug. 8 policy-setting committee meeting, when policy-makers voted to pause in a two-year-long series of rate increases, will be released at 2 p.m. (1800 GMT).
Federal Reserve Bank of Dallas President Richard Fisher is scheduled to speak at 1 p.m. (1700 GMT).
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