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Stocks May Extend Upward Move On Scottish 'No' Vote - US Commentary(Alliance News Via Acquire Media NewsEdge) WASHINGTON (Alliance News) - With traders reacting positively to the results of Scotland's independence referendum, stocks are likely to extend their recent upward move in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 74 points. The upward momentum for the markets comes after Scotland voted 55% to 45% against breaking away from the UK. Traders had previously expressed some concerns about the global economic impact of a Scottish vote in favor of independence. "The near-term outlook for the economy on both sides of the Scottish border has brightened following Scotland's decision to remain part of the UK," Capital Economics said in a research note. The firm added, "But despite the 'No' vote, the UK economy will continue to be buffeted by uncertainty about its political future over the next couple of years." While the news from Scotland may generate some positive sentiment, traders may be reluctant to continue buying stocks following the recent strength in the markets. Disappointing quarterly results from Oracle (ORCL) may also weigh on the markets, with the business software giant falling by 2.5% in pre-market trading. After the close of trading on Thursday, Oracle reported adjusted first quarter earnings that rose year-over-year but came in below economist estimates. The company also revealed that co-founder Larry Ellison is stepping down as CEO. Meanwhile, shares of Alibaba (BABA) are likely to be in focus as the Chinese e-commerce giant begins trading on the NYSE. The company priced its initial public offering at USD68 per share, the top of the expected range. The Conference Board is also scheduled to release its report on leading US economic indicators not long after the open, although the data does not typically impact the markets. Economists expect the Conference Board's leading economic index to rise by 0.4% in August after climbing by 0.9% in July. After ending Wednesday's trading mostly higher following the Federal Reserve's monetary policy announcement, stocks saw further upside during trading on Thursday. The gains on the day lifted the Dow and the S&P 500 to new record closing highs. The major averages ended the day firmly in positive territory, near their highs for the session. The Dow jumped 109.14 points or 0.6% to 17,265.99, the Nasdaq advanced 31.24 points or 0.7% to 4,593.43 and the S&P 500 climbed 9.79 points or 0.5% to 2,011.36. In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index surged up by 1.6% to a seven-year closing high, while Hong Kong's Hang Seng Index advanced by 0.6%. Meanwhile, the major European markets have turned mixed over the course of the trading day. While the French CAC 40 Index has edged down by 0.2%, the UK's FTSE 100 Index is up by 0.6% and the German DAX Index is up by 0.3%. In commodities trading, crude oil futures are falling USD0.19 to USD92.88 a barrel after tumbling USD1.35 to USD93.07 a barrel on Thursday. Meanwhile, an ounce of gold is currently trading at USD1,223.90, down USD3 from the previous session's close of USD1,226.90. On Thursday, gold fell USD9. Among currencies, the US dollar is trading at 108.75 yen compared to the 108.69 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at USD1.2863 compared to yesterday's USD1.2923. Copyright RTT News/dpa-AFX |