Stocks point higher as market approaches new year

NEW YORK (AP) — Stock indexes pointed to small gains today, as the year heads to a close in a thinly traded week.

There are no economic reports scheduled for the day. The market is expected to be buoyed by the spate of mostly positive economic news in recent weeks, though data released Tuesday showed that consumers are still fretting about high unemployment.

Overseas markets in China and Germany were positive Wednesday, with Hong Kong’s Hang Seng index up 0.2 percent, and the German DAX up less than 0.1 percent. The Euro Stoxx 50, which tracks blue chip companies in countries that use the euro, also rose slightly less than 0.1 percent.

Traders will closely be watching the outcome of a U.S. Treasury auction of $29 billion in 7-year notes. Fewer-than-expected buyers emerged for Tuesday’s government’s auction of $35 billion in five-year bonds, which sent the yield on the 10-year Treasury note to 3.49 percent from 3.34 percent the previous day. The move also sent the blue-chip indexes slightly higher.

Ahead of the opening bell, the Dow Jones industrial average futures rose 9 points, or less than 0.1 percent, to 11,518. S&P 500 futures rose 0.8, or less than 0.1 percent, to 1,254.90. Nasdaq composite futures gained 4.5, or 0.2 percent, to 2,230.

Trading volumes on Wall Street are expected to be light throughout the week. Many investors have already closed their books for the year and are on vacation until January.

Stock indexes finished Tuesday barely changed. The Dow Jones industrial average rose 0.2 percent and the S&P 500 rose less than 0.1 percent. The Nasdaq composite index fell 0.2 percent.