Higher start; overseas markets rise

U.S. stocks are expected to open higher following gains overnight in Europe and Asia, where banking, steel and semiconductor shares lifted the world market to its first gain in four days. Australia joined the United States in passing a stimulus program, and there is some budding hope ahead of the weekend that these various spending plans will help stabilize global economic activity. The Dow is called 30 points higher, while the Russell 2000 (NYSE:IWM) is seen up 0.4%, near 452.25.

Looking at overseas action, European shares were up about 1.8%, while Asian markets gained nearly 1% to generate the first winning day in Asia this week. Japan was up 0.9%, South Korea up 1%, India up 1.7%, China up 3.4%, Hong Kong up 2.4%, Singapore up 1.2% and Australia climbed 1.2% after pushing through its own stimulus program despite running into obstacles earlier this week.

Some stocks making noise overnight include General Motors Corp. (NYSE:GM), rising some 3.5% after gaining a provision in the stimulus package that will erase a tax liability of $10 billion. Wells Fargo & Co. (NYSE:WFC) was active on the downside after saying it will have hefty write downs. Small-cap apparel firm Abercrombie & Fitch Co. (NYSE:ANF) posted a big drop in quarterly profits ahead of the opening and said they would not issue a forecast for 2009, but the stock was up solidly in pre-market trading, which shows just how low expectations have already been made for . . .

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