***stocks poised for a strong start********

Stocks poised for strong start ahead of economic reports as investors make quarter-ending moves.
March 30, 2005: 7:37 AM EST

NEW YORK (CNN/Money) - Stocks are poised for a strong start Wednesday ahead of economic reports as portfolio managers adjust their holdings in the closing days of the quarter.

U.S. stock futures were up in early trading, well above fair value.

At 8:30 a.m. ET, the government's final reading on fourth quarter gross domestic product is due from the Commerce Department. Economists surveyed by Briefing.com forecast the broad measure of the nation's economic activity was up 4.0 percent in the quarter, compared to a 3.8 percent rise previously reported.


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While the final revision in GDP is normally not a market mover, the rest of the week has some closely watched economic reports. They include Thursday's report on personal income and spending, which includes a reading on inflationary pressures, followed by the March employment report due Friday.

Also on tap Wednesday is a noon ET speech by Federal Reserve Governor Ben Bernanke on implementing fiscal policy. Lehman Brothers senior economist Drew Matus said that the speech at the University of Dayton will be closely watched given the market's current attention to interest rates and inflation.

"His star is shining," Matus said about Bernanke, who is believed to be one of the candidates to succeed Chairman Alan Greenspan a year from now. "People are looking to him as an unofficial chairman."

Later Wednesday comes the weekly report on fuel inventories that will be closely watched following last week's explosion at a Houston-area BP refinery, one of the nation's largest.

Oil prices were little changed in early trading Wednesday ahead of that inventory report. The May light crude contract gained 4 cents to $54.27 a barrel in electronic trading, while the May contract for Brent crude rose 11 cents to $53.14.

Major markets in Asia closed mostly lower Wednesday, although Hong Kong's Hang Seng bucked the trend to close slightly higher. Major European markets were lower in early trading.

Treasury prices were little changed ahead of the auction of 2-year notes, which Matus said will also be closely watched by investors. The the yield on the benchmark 10-year note remained at 4.57 percent levels reached late Tuesday. The dollar was slightly lower against on the euro and the yen.

In corporate news, Micron Technology (Research), the world's No. 3 maker of computer memory chips, reported a better than expected profit compared to the year-earlier loss. The report lifted its shares 14 cents, or 1.4 percent, to $10.26 in after-hours trading.

Media conglomerate Walt Disney (Research) announced late Tuesday that Bob and Harvey Weinstein, the heads of its successful Miramax Films unit, would leave the company, a long-anticipated move that leaves Disney with the Miramax name and film library.