Stock Rally Stutters

Falling futures mean we're not out of the woods
By Mary Papenfuss,  Newser User
Posted Aug 10, 2011 4:38 AM CDT
A Filipino trader reads the electronic board showing a rebound at the Philippine Stock Exchange in suburban Makati, south of Manila, Philippines, today.   (AP Photo/Aaron Favila)

(Newser) – Global stocks were up early today following an uptick on Wall Street in the wake of the Fed's pledge to keep interest rates low. But it wasn't clear if the rebound would hold. Asia rates climbed and modest hikes marked Britain's FTSE 100 index (up .2%) and Germany's DAX (up .9%), though the CAC-40 in Paris was down .3%, and the the Euro Stoxx 50 index of euro zone blue chips opened higher but was down .4% by mid-morning.

Falling futures indicated possible trouble ahead still for Wall Street. Futures for the Standard & Poor's 500 were down 1% and Down Jones futures were off .9%, Reuters reported early today. Analysts warned investors to steel for more wild rides yet to come in the market. "There is a lot of fear and uncertainty in the market, and negatives will add to that. If we see an increase in unemployment from the US, that is going to cause an increase in volatility," one analyst told AP.

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