Wall Street Primed For A Positive Open

(RTTNews) - The U.S. markets look set for gains when they resume trading Friday after the Christmas break. At 6:15 am ET, the Dow futures are rising 43 points, the S&P 500 futures are adding 2.50 points and the Nasdaq 100 futures are moving up 14.50 points.

Stocks finished flat in an abbreviated trading session Wednesday as investors found few reasons to buy stocks after five straight sessions of gains. However, the Dow Jones Industrial Average eked out a 6-point gain to reach a fresh record closing high in the wake of encouraging news about the labor market.

The stock markets have been on a roller -coaster ride of late, with the Dow closing above 18,000 for the first time ever on Tuesday as investors embraced Federal Reserve's pledge to be patient in hiking short-term interest rates. The Dow has risen nearly 9 percent so far this year, while the S&P 500 has gained 13 percent.

As the U.S. economic recovery continues to gain traction, many economists expect that the Fed will eventually hike interest rates in 2015.

There are no major economic reports slated for release today.

Brent crude prices are modestly higher, giving up most of their early gains, while gold advanced 2 percent and silver jumped 3 percent. The Russian ruble held steady after climbing to a three-week high yesterday.

Europe's main markets are closed until Monday, while stocks in Japan, South Korea and India posted marginal gains in holiday-thinned trade. China's Shanghai Composite index jumped 2.8 percent, driven by financials amid speculation Beijing will further ease liquidity conditions for lenders.

The safe-haven yen fell toward a seven-year low as slowing inflation for a fourth month boosted hopes the Bank of Japan will unveil more stimulus to revive the economy.

In domestic corporate news, beverages giant Coca-Cola Co. plans to cut up to 2,000 jobs across the globe over the coming weeks, as part of a $3 billion cost-cutting effort, the Wall Street Journal reported, citing people familiar with matter.

U.S. banking giant Citigroup Inc. said Thursday that it agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp. JPMorgan Chase & Co. is in talks to partner with SpiceJet's co-founder for a $200 million investment in the distressed Indian carrier, media reports suggest.

Sony Corp.'s PlayStation Network and Microsoft Corp.'s Xbox Live have been hit by connection failures on Christmas Day, with the hackers Lizard Squad claiming responsibility.

Standard & Poor's Ratings Services is nearing a settlement with regulators over their investigation of how the company graded real-estate bonds, the Wall Street Journal reported, citing people familiar with the matter.