Markets May Continue To Benefit From Bargain Hunting

The major U.S. index futures are pointing to a higher opening on Friday following the rebound seen in the previous session. The markets may continue to benefit from bargain hunting, as stocks remain at relatively low levels following the sell-off seen on Wednesday.

A lack of major U.S economic data may keep some traders on the sidelines, however, although remarks by a pair of Federal Reserve officials are likely to attract some attention.

After recovering from an early move to the downside, stocks moved mostly higher over the course of the trading session on Thursday. With the upward move on the day, the major averages partly offset the steep losses posted on Wednesday.

The major averages ended the day firmly in positive territory but off their highs of the session. The Dow rose 56.09 points or 0.3 percent to 20,663.02, the Nasdaq advanced 43.89 points or 0.7 percent to 6,055.13 and the S&P 500 climbed 8.69 points or 0.4 percent to 2,365.72.

Bargain hunting contributed to the strength on Wall Street after the weakness seen early in the day pulled the major averages down to their lowest intraday levels in almost a month.

Traders may have felt yesterday’s sell-off was overdone amid lingering optimism President Donald Trump can implement his pro-business policy agenda despite recent political turmoil.

In the latest developments in Washington, Deputy Attorney General Rod Rosenstein appointed former FBI Director Robert Mueller to serve as Special Counsel to oversee an investigation of Russian meddling in last year’s presidential election.

Rosenstein said public interest requires him to place the investigation under the authority of a person who exercises a degree of independence from the normal chain of command.

The move comes on the heels of reports Trump asked former FBI Director Comey to drop a federal investigation into links between former National Security Adviser Michael Flynn and Russia.

The rebound on Wall Street also came following the release of some upbeat…

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