Stocks set to rise after major selloff

By msnbc.com news services

Stocks are set to rise Wednesday, a day after Wall Street suffered its worst selloff in three months.

In Tuesday's tumble, the Dow dropped 200 points on renewed concerns about Greece's debt restructuring and the outlook for the global economy after China cut its growth forecast. It was one of the worst performances since equities began a more than 20 percent rise from lows in October.

"The market has been straight up and it needed some profit-taking to generate interest among investor who have been on the sidelines to come back into this rally," said Rick Meckler, president of LibertyView Capital Management in New York.

"I would expect to see some rally back today as investors position themselves for Friday," he said.

Early indications in premarket trade showed materials-related and banking stocks, which took the brunt of Tuesday's losses, would gain back some losses. Bank of America Corp rose 1.4 percent to $7.82. Newmont Mining Corp gained 0.8 percent to $57.61.

Apple Inc shares will be in view as the company gears up to unveil a faster and better-equipped iPad tablet computer, intended to thwart competition from rivals such as Samsung Electronics Co and Amazon.com Inc.

"The Apple introduction will be very meaningful for the market if they really can show some true innovation in the product. It could give a nice push to technology stocks across the board," said LibertyView's Meckler. "If the introduction is weak and shows no real interest it could lead to some selloff there."

Samsung Electronics Co filed another lawsuit against Apple in South Korea, claiming the iPhone 4S and iPad2 infringed on three of its patents.

The government in Athens has turned up the heat on its creditors in hopes of securing a bond swap that will cut its mountainous debt. But the main bondholders group warned a disorderly default would cause more than 1 trillion euros of damage to the euro zone.

Reuters contributed to this report.

Source: http://bottomline.msnbc.msn.com/_news/2012/03/07/10599743-stocks-set-to-rise-after-major-selloff

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