Dow Jones Industrial Average Up on a Blue-Chip Acquisition

The Dow Jones Industrial Average (INDEXDJX:DJI) is poised for a fourth straight day of gains, as traders brush off yesterday's decision by the European Central Bank (ECB) to no longer allow Greece to use government bonds as collateral for loans. Instead, traders are cheering a rebound in crude oil, Pfizer Inc.'s (NYSE:PFE) acquisition of Hospira, Inc. (NYSE:HSP), and some relatively dovish statements from Boston Fed President Eric Rosengren, who encouraged the Fed to adopt a "policy of patience" in regard to raising interest rates. Also in focus today will be weekly jobless claims and productivity and labor costs -- which come ahead of tomorrow's highly anticipated nonfarm payrolls report -- as well as international trade data.

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Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are roughly 62 points above fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 971,527 call contracts traded on Wednesday, compared to 572,415 put contracts. The resultant single-session equity put/call ratio rose to 0.59, while the 21-day moving average edged down to 0.66.

Currencies and Commodities

• The U.S. dollar index is fractionally lower at 93.96.
• Following Wednesday's sharp sell-off, crude oil is on the mend. At last check, futures were up 2.6% to trade at $49.72 per barrel.
• Gold, meanwhile, is down 0.2% at $1,262.60 per ounce.

Earnings and Economic Data

Weekly jobless claims, productivity and unit labor costs, and international trade data are slated for release today. Twitter (TWTR), GoPro (GPRO), LinkedIn (LNKD), Sirius XM (SIRI), Activision Blizzard (ATVI), AstraZeneca (AZN), Buffalo Wild Wings (BWLD), Dunkin Brands (DNKN), Expedia (EXPE), LeapFrog (LF), Lions Gate Entertainment (LGF), Michael Kors (KORS), Nu Skin (NUS), ON Semiconductor (ONNN), Pandora Media (P), Philip Morris (PM), Sierra Wireless (SWIR), Sprint (S), Symantec (SYMC), Teva Pharmaceutical Industries (TEVA), and Yelp (YELP) will step into the earnings confessional. To see what else is on this week's agenda, click here.

Overseas Trading

Asian markets finished mostly lower today, as news the ECB banned Greece's use of government debt as collateral for loans overshadowed a decision by the People's Bank of China to cut reserve requirements for banks. By the close, China's Shanghai Composite was down 1.2%, while Japan's Nikkei and South Korea's Kospi shed a respective 1% and 0.5% amid a batch of weak corporate earnings reports. Hong Kong's Hang Seng, meanwhile, managed to tack on 0.4%.

The ECB's vote to cut Greece's lifeline is pressuring European benchmarks lower at midday. At last check, the French CAC 40 is off 0.3%, London's FTSE 100 is eyeing a 0.2% loss, and the German DAX is down 0.1% -- despite reports the European Commission upgraded its 2015 growth forecasts for the eurozone.

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