Futures were strong in the premarket and traders took it from there, sending major averages to fresh 13 month highs as the lower greenback sent stocks and commodities soaring. The blue chips recouped all of and then some of their losses over the past 3 sessions, rising 132.79, or 1.3 percent, to 10,450.95. The Standard & Poor’s 500 index gained 14.86, or 1.4 percent, to 1,106.24, while the Nasdaq composite index rose 29.97, or 1.4 percent, to 2,176.01. In small cap trading, the Russell 2000 index advanced 10.13, or 1.7 percent, to 594.81.

Morning Outlook

Wall Street is doing alot of nothing in the premarket as traders await the release of some heavy duty economic data this morning, headlined by a revised Q3 GDP reading. After the great housing report yesterday, further housing data before the bell could kick start the market, which saw over a 1% increase in all the major averages yesterday. Dow Jones industrial average futures are up 1, or less than 0.1 percent, at 10,423. Standard & Poor’s 500 index futures are up 1.20, or 0.1 percent, at 1,105.00, while Nasdaq 100 index futures are down 0.75, or less than 0.1 percent, at 1,790.50.

Currencies and Commodities

The dollar fell 0.3867% at 88.623 yen in the currency market. The euro appreciated 0.1030% at $1.4976 while the pound declined 0.1491% to $1.658. Gold keeps chugging to new highs, up $5.30 to trade at $1170 an ounce, while silver gained 0.14% at $18.67. Crude also made its way lower on economic uncertainty. Light, sweet crude for January was flat at $77.56

Economic Calendar

8:30 AM
Quarter 3 Gross Domestic Product: GDP measures all the goods and services produced within the United States during the second quarter. The consensus for real GDP (taking inflation into account) in the 3rd quarter is an increase of 2.8%. This number is down from the initial GDP reading in the quarter of 3.5%. Just to show you how much stimulus matters, Cash for Clunkers added 1.66% to the GDP reading in the quarter.

9:00 AM
The S&P Case-Shiller Home Price Index: tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. The composite indexes and the regional indexes are seen by the markets as measuring changes in existing home prices and are based on single-family home resales. The data is for the month of September.

10:00 AM
Consumer Confidence: A survey of consumer attitudes on present economic conditions and expectations of future conditions for the month of November. The consensus reading for the month is 47, down from last month’s reading of 47.7; which was a 5.5 point drop. The major lag in the reading comes from current conditions. 10+ unemployment what do you expect. In addition, its the last consumer reading before Black Friday, where sales are expected to rise 16% from last year.