LONDON (ShareCast) - Wall Street is expected to post strong gains after the Supreme Court gave the all clear for Chrysler (Xetra: 710000 - news)
to exit bankruptcy.
The US Supreme Court cleared the way for the sale of the carmaker's assets to a group led by Italian car giant Fiat (Milan: F.MI - news) . The sale had been put on hold after opponents of the deal, most notably three Indiana pension funds that own Chrysler secured loans, wanted the asset sale investigated more thoroughly by the Supreme Court.
The two-page ruling came late on Tuesday, 24 hours after the temporary suspension of the sale of Chrysler, Jeep and Dodge marques to Turin-based Fiat.
Across the markets, the Dow Jones (news) is seen up 98 points to 8840 with the Nasdaq (NASDAQ: news) expected to rise 11 points to 1512. The S&P 500 is seen 11 points higher.
Home improvement retailer Home Depot (NYSE: HD - news) anticipates its full-year earnings could come in better than expected. It sees earnings from continuing operations to be flat to down 7% against a previous forecast of a 7% decline.
On the economic front, the trade balance is due out while the treasury budget and the Fed's Beige book are also out.
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