US Stock Futures Continue Climb With Potential for Record-Setting Day

New York (Dec 28)  Stock futures pointed higher on Wednesday morning as Wall Street prepares for another potential record-setting day.

S&P 500 futures were up 0.21%, Dow Jones Industrial Average futures rose 0.15%, and Nasdaq futures increased 0.27%.

With futures showing gains, the Dow's climb toward 20,000 will continue to be a theme on investors' minds. The index of 30 blue-chip stocks stretched to within 20 points of the milestone on Tuesday, but retreated later in the day.  The Nasdaq closed at a record of 5,487 on Tuesday and appears to be gaining momentum in premarket trading.

Crude oil prices started off in positive territory for the fourth consecutive day as investors anticipate the production in global oil supplies based on an agreement by the Organization of Petroleum Exporting Countries.

West Texas Intermediate crude oil rose 0.52% to $54.18 a barrel on Wednesday. Brent crude, the global benchmark, traded at $56.49, up 0.71%.

On the economic calendar, November pending home sales will be released by the National Association of Realtors at 10 a.m.

U.S. prosecutors charged three Chinese citizens with hacking into law firms to obtain confidential information on deals involving Intermune  ( ITMN) and Roche;  Intel  ( INTC)  and Altera; and Pitney Bowes  ( PBI)  and BorderFree. The Chinese hackers were said to have made $4 million in trades related to about five companies. 

Qualcomm  (QCOM)  was fined 1.03 trillion won ($853 million) by the Korean Fair Trade Commission. The watchdog said that the digital communications technology company violated antitrust and competition laws with its patent license agreements. Qualcomm general counsel Don Rosenberg said the company disagreed with the findings and will appeal the decision. Shares of Qualcomm were down 0.4% to $67 in premarket trading Wednesday.

Source: TheStreet