Dow Reaches '09 High

By STEVE GOLDSTEIN

U.S. stock futures were slightly lower Tuesday, as investors took a breather following the previous day's sharp rally.

Less than two hours before the start of trading, Dow Jones Industrial Average futures were sixteen points lower at 10176. The S&P 500 futures slipped 3.7 to 1088, and Nasdaq 100 futures lost 4.25 to 1762.25. Changes in futures do not always accurately predict early market moves after the opening bell.

The Dow Jones Industrial Average leapt to a new 13-month high Monday as investors grew more optimistic about the continued flow of easy money to support economic recovery. The Dow climbed 203.52 points, or 2%, to end at 10226.94 -- its highest finish since Oct. 3, 2008 and the second 200-point gain in three trading days. The blue-chip measure has risen 4.7% over the four-day winning streak that began with the Federal Reserve's policy statement last Wednesday, which quelled fears that the central bank might raise rates soon. Gold rose to a new record, oil futures snapped two days of losses and the dollar fell.

On Tuesday, the euro crossed about $1.50, gold was down slightly after rising to a new high of $1,111.70 on Monday. Oil prices also slipped after the threat of Tropical Storm Ida to U.S. oil and gas installations receded.

"[Ida] isn't expected to cause any lasting oil industry facilities damage...the storm has been downgraded to unpleasant from nasty and everything should be up and running again by mid week," said London-based brokerage PVM Oil Associates in a note.

The market was nearly flat ahead of data from the American Petroleum Institute due later Tuesday, in the absence of other major economic data. The front-month December contract on the New York Mercantile Exchange was trading $0.19 lower at $79.24 a barrel.

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