Trading volume is expected to be extremely light as we head into the last few days of trading in 2008. Stocks advanced on the street on Friday, where the Dow Jones industrial average rose 47.07, or 0.56%, to 8,515.55, The Nasdaq composite index rose 5.34, or 0.35%, to 1,530.24. The Standard & Poor’s 500 index rose 4.65, or 0.54%, to 872.80, giving the index its first back-to-back gains in three weeks. Investors are looking for any traction to head into 2009 with some degree of confidence that the performance of 2008 will not be repeated.

Morning Outlook

Despite rising crude prices as Israel and Hamas get broiled down in another conflict, markets were higher. In Asia, the Nikkei 225 stock average edged up by 7.65 points, or 0.1%, to close at 8,747.17, while Hong Kong’s Hang Seng Index added 1% to 14,328.48. In Europe, Britain’s FTSE 100 gained 2.3%, or 95.79 points, to 4,312.38. Germany’s DAX was up 1.9%, or 86.25, at 4,715.63, and France’s CAC 40 climbed 0.9%, or 28.96, to 3,145.17.

Futures in the U.S. point to a higher open despite a weak dollar and higher commodity prices. Dow Jones industrial average futures rose 38, or 0.45%, to 8,510. Standard & Poor’s 500 index futures rose 3.30, or 0.38%, to 827.20, while Nasdaq 100 index futures rose 7.50, or 0.63%, to 1,196.00. Gold rose over $15 or 1.76% an ounce to $886.50 while crude gained almost 8% to $40.72 per barrel.

On the Corporate Front

Kuwait’s government cancelled a $17.4 billion joint venture with U.S. petrochemical company Dow Chemical (DOW), fearing a political confrontation with opponents in the oil rich Middle East country. Kuwait was to hold a $7.5 billion stake in the newly formed organization.

Economic Calendar

The market is lacking any significant news to lead stocks in one direction or another ahead of tomorrow’s consumer confidence number.