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NEW YORK (AP) — Wall Street was set to open lower Wednesday, as investors paused from a three-day winning streak and waited for comments on the economy from Federal Reserve Chairman Ben Bernanke. Investors will be eager to learn whether Bernanke, in an appearance before Congress, gives any indication whether the Fed is more concerned about the slowing economy or the rising risk of inflation. If so, this is a worst-case scenario for the Fed, which will have to choose whether to keep cutting rates to stimulate the economy, or halt rate reductions to cool off inflation. The futures contract for the Dow Jones industrial average fell 19 points, or 0. Wall Street rallied Tuesday after IBM approved a $15 billion stock buyback, suggesting to investors that there are still some companies out there with financial muscle. And home builder Toll Brothers said it had a quarterly loss of $96 million but also faulted “excessive talk” about recession for frightening consumers away from the housing market. read more

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The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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Around 90,000 bags arrived in the spot market on Monday at Guntur, Andhra Pradesh, and are expected to increase this week, said Alepata Srinivas Rao, a trader. In Guntur, a major trading hub, the spot price fell Rs 38 to Rs 3,910 rupees per 100 kg. Meanwhile, turmeric futures settled higher on Monday due to Andhra Pradesh government?s plan to buy from farmers at better prices and on a firm spot, analysts said. The AP government announced earlier this month it would buy turmeric from farmers at Rs 3,000 per 100 kg and it was lending support to spot and future prices, said an analyst with Kotak Commodity Services. In Nizamabad, the spot price rose by Rs 7 to Rs 2,882 per 100 kg. read more

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TRENTON New Jersey’s state pension fund will invest $500 million in commodities and $100 million with William Ackman, the person who bet against bond insurer MBIA Inc. The pension fund invested $450 million in commodities in January 2007, its first such venture, which returned an average of 30. The fund invested $200 million in commodities separately through Schroder Investment Management and Gresham Investment Management LLC. A $100 million investment was made in a hedge fund run by New York-based Pershing Square Capital Management L. read more

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NEW YORK (AP) — Gas prices jumped Friday to their highest level since June, a possible preview of what many analysts believe will be a record spike in pump prices this spring. While gasoline has risen sharply in recent days in response to oil’s dramatic climb to a new record above $101 a barrel, gas supplies have quietly grown to their highest level in 14 years. Ritterbusch, for example, thinks the high level of supplies, and an eventual decline in oil prices, will pull pump prices down. Oil prices rose Friday on word Turkish troops pursued separatist Kurdish rebels into northern Iraq. Word that the key Houston Shipping Channel was closed to oil tankers and other ships for the second day in a row also gave oil traders reason to buy. read more

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Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

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Back home, on Wednesday, the Nifty February futures settled at 5124, a discount of 30 points to the spot. Foreign institutional investors were net sellers to the tune of Rs 702 crore in futures and were the buyers of Rs 174 crore in options. In stock futures, Essar Oil saw a turnover of Rs 244. The futures figures tell us that investors are building long positions in index futures and short positions in stock futures. In options, index options with a strike price of 5200 saw a turnover of Rs 176 crore and a premium of Rs 121. The index put of strike price 5100 saw a turnover of Rs 92 crore with open interest up 4. read more

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In stocks futures, Reliance Natural Resources February clocked a turnover of Rs 1,712. Reliance Energy futures was at par to the spot, with the turnover at Rs 1242. Open interest in Nifty 5300 call option was up 2. The index option with strike price 5400 saw a turnover of Rs 506. On the index put front, option with strike price of 5300 saw a turnover of Rs 512. Index put with strike price 5200 saw an increase in open interest of 11. read more

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