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S&P 500 Futures Erase Losses on Tepper Comment as Yen Rallies

By    |   Tuesday, 14 May 2013 08:56 AM

U.S. stock-index futures erased losses after hedge-fund manager David Tepper said he’s still bullish and the economy is getting better, Bloomberg News reported.

 

There’s $400 billion looking for a place to invest and markets shouldn’t worry about the Federal Reserve tapering its stimulus program, Tepper, co-founder and owner of Appaloosa Management, said in an interview on CNBC.

Standard & Poor’s 500 Index futures added 0.2 percent at 8:15 a.m. in New York after falling as much as 0.3 percent earlier.

Futures slumped earlier in the day as JPMorgan Chase & Co. reduced its second-quarter growth forecast for the Chinese economy to 7.8 percent from 8 percent and the full-year estimate to 7.6 percent from 7.8 percent. It cited weak domestic demand suggested by the April data including industrial output and fixed-asset investment, according to an e-mailed report.

German investor confidence also rose less than economists forecast in May. The ZEW Center for European Economic Research’s index of investor and analyst expectations increased to 36.4 from 36.3 in April. Economists had forecast a reading of 40, according to the median estimate in a Bloomberg survey.

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S&P 500 Futures Erase Losses on Tepper Comment as Yen Rallies
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