NEW YORK (CNNMoney.com) -- U.S. stocks were set for a mixed open Wednesday, as oil prices rose to a six-month high and investors pondering some corporate quarterly results.

At 7 a.m. ET, Dow Jones industrial average and S&P 500 futures were higher, while Nasdaq 100 futures were lower.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

U.S. stocks finished Tuesday's session mixed after a report showed an unexpected drop in homebuilding.

Art Hogan, chief market strategist at Jefferies & Co., said futures were "directionless" on Wednesday, due to a lack of market drivers.

Economy: President Obama's special economic advisory group is due to hold its first public meeting. The taskforce, led by former Fed chief Paul Volcker, is expected to discuss green jobs and energy.

At 2 p.m. ET, the Federal Reserve issues the minutes from its last policy meeting. Investors will be looking for clues about the economic outlook.

The House takes up a bill Wednesday that imposes greater restrictions on the credit card industry for raising fees and interest rates. The Senate passed the bill Tuesday by a 90-to-5 margin. President Obama has said he wants it on his desk before Memorial Day.

Banks: Treasury Secretary Tim Geithner is due to testify before the Senate Banking Committee about the government's bank bailout program at 9:30 a.m. ET.

Companies: Retailer Target (TGT, Fortune 500) is due to post its quarterly earnings before the opening bell.

Late Tuesday, PC maker Hewlett-Packard (HPQ, Fortune 500) reported quarterly results that were in line with Wall Street's estimates. The company also said it would cut 6,400 jobs, or 2% of its workforce.

World markets: Most market in Asia finished the session in positive territory. In Europe, major markets edged higher.

Oil and money: Crude prices rose to a six-month high above $60 a barrel. The price of oil was up 44 cents to $60.54 a barrel. Later in the day, the Energy Department is due to release its weekly report on fuel inventories.

The dollar slipped versus the euro and the yen, but rose against the British pound.

NEW YORK (CNNMoney.com) -- Stocks ended mixed Tuesday, after trading in a tight range on both sides of breakeven, following an unexpected drop in homebuilding that clouded the economic outlook.

The Dow Jones industrial average (INDU) fell 29 points, or 0.3%, while the S&P 500 (SPX) index lost less than 2 points. The Nasdaq composite (COMP) gained about 2 points.

Bank stocks showed early strength but gains faded near the closing bell. Shares of energy producers rose along with crude prices, which settled near $60 a barrel.

After the close, tech bellwether Hewlett-Packard (HPQ, Fortune 500) reported quarterly profit and revenue that was in line with estimates.

Stocks have gained significant ground over the past two months on bets the economy is headed for a recovery later this year. The major indexes all rose about 3% Monday after ending the previous week lower.

"On balance, we've got a market that has had an incredibly significant bounce from the lows of March 9 and is looking for new catalysts to go higher," said Art Hogan, chief market analyst at Jefferies & Co. in Boston.

Among the potential catalysts for Wednesday's session: Federal Reserve meeting minutes from last month will give investors a glimpse into how the central bank views the economy. And retail heavyweight Target (TGT, Fortune 500) will report fiscal first-quarter financial results before the opening bell.

While many analysts say the market is due for a pull back given the strength of the recent rally, Wall Street remains relatively optimistic about the possibility of moderate economic growth in the months ahead.

"The general theme is that some recent reports are starting to show signs of stabilization in the decline, and that's providing some relief," said Ryan Larson, senior equity trader at Voyageur Asset Management in Chicago.

In a sign the market is becoming slightly more confident, the CBOE Volatility Index, or VIX, fell below the key 30 level for the first time since September. The so-called fear index hit an all-time high of 77 in October when the global economy was on the verge of a meltdown.

Economy: The Commerce Department reported record lows for housing starts and building permits in April.

Housing starts dropped nearly 13% to the seasonally adjusted annual rate of 458,000 from a revised 525,000 in March. Building permits fell 3% to an annually adjusted rate of 494,000 in April, from the revised rate of 511,000 in March.

But the report had a bright spot. While multifamily dwellings declined sharply, starts and permits for single-family homes at the core of the housing market rose slightly.

Many analysts said the decline in new home construction was positive since the residential real estate market is already overstocked with unsold homes.

Banks: The Federal Reserve is in talks with a number of banks about repaying billions of dollars in government bailout funds they received under the Troubled Asset Relief Program.

Goldman Sachs (GS, Fortune 500), Morgan Stanley (MS, Fortune 500) and JPMorgan (JPM, Fortune 500) are among the largest banks that have applied to repay TARP money, sources told Reuters.

The banks are rushing to return the funds to avoid what they say are restrictive policies and demonstrate to investors that they are financially healthy.

Companies: Hewlett-Packard Co. reported a 17% drop in quarterly profit that still met Wall Street's forecasts. Sales fell 3% in the quarter.

HP said its results were hurt by charges related to its purchase of tech services firm EDS. The stock fell 4% in after-hours trading.

Earlier, home-improvement retailer Home Depot reported quarterly earnings that beat expectations. The company posted operating income of 35 cents per share, while a consensus of analyst forecasts from Thomson Reuters had expected 29 cents.

Despite the report, shares of Home Depot (HD, Fortune 500) fell more than 5%.

Shares of luxury retailer Saks (SKS) jumped 22% after it reported a smaller-than-expected quarterly loss and said it would continue to aggressively cut costs to offset declining sales.

Credit card company American Express (AXP, Fortune 500) said late Monday that it would slash 4,000 jobs, or about 6% of its global workforce.

Autos: President Obama announced stricter fuel economy standards aimed at cutting down vehicle greenhouse gas emissions.

While many automakers welcomed the effort to make the standards more universal, analysts said consumers may be reluctant to shift to smaller, more efficient cars if gas prices remain relatively low.

The national average price of a gallon of unleaded gasoline rose to $2.314, its 21th consecutive increase, according to a daily reading released by the motorist group AAA.

Bonds: Treasury prices slumped, raising the yield on the benchmark 10-year note to 3.24% from 3.21% Monday. Treasury prices and yields move in opposite directions.

Other markets: Stocks in Japan rallied, with the Nikkei gaining nearly 3%. India's benchmark SENSEX index closed moderately higher after a 17% surge in the previous session. European exchanges closed higher, with the DAX in Germany up 2.2%.

In currency trading, the dollar fell against major international currencies, including the euro, the British pound and the yen.

U.S. light crude oil for June delivery rose 62 cents to settle at $59.65 a barrel on the New York Mercantile Exchange. The contract rose to a high of $60.48 in pre-market, electronic trading.

COMEX gold for June delivery rose $5 to settle at $926.70 an ounce. 

NEW YORK (CNNMoney.com) -- Stocks rallied Monday, with the Dow adding 350 points after positive news about the U.S. housing market, including an upbeat profit forecast from Lowes, as well as an upgrade of Bank of America, encouraged investors to step back into the market after last week's selloff.

The Dow Jones industrial average (INDU) gained 235 points, or nearly 2.8%. The S&P 500 (SPX) index rose 3% to close above 900, bringing the average back into positive territory for the year. The Nasdaq composite (COMP) advanced 3.1%.

Stocks slumped last week after worse-than-expected reports on retail sales, housing and weekly jobless claims put investors on the defensive.

But a big rally in Indian markets helped set Monday's bullish tone early on. The buying gained momentum in afternoon trading with retail and banking shares gaining ground.

"I think we're seeing a bounce after the weakness last week," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research. "For investors who think the market is going to continue higher, now might be a good time to get back in at prices that are a bit lower."

Tuesday brings readings on new home construction and building permits in April. Companies reporting quarterly results include Dow components Home Depot (HD, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500).

Housing: Lowe's (LOW, Fortune 500), the No. 2 home-improvement retailer, projected a higher fiscal second-quarter profit after posting a 22% decline in the first quarter that still managed to top analysts' forecasts. Shares rose 8%.

"The housing issue is front and center in the economic recovery," said Quincy Krosby, chief investment strategist at The Hartford. "Lowe's is a major player in that space and their comments are important."

Two private reports helped bolster confidence in the housing market. The National Association of Home Builders said its index of homebuilder confidence rose for the second month in a row. Separately, the NAHB said home prices are at their most affordable in nearly two decades.

Banking: Shares of financial services companies got a boost after Bank of America (BAC, Fortune 500) was upgraded to "buy" by Goldman Sachs (GS, Fortune 500). Analysts said the bank will be able to raise needed capital thanks to gains in mortgage and capital markets activity. BofA gained 10%.

Financial holding company State Street (STT, Fortune 500) announced a $1.45 billion stock offering and said it would also offer non-guaranteed senior notes. The company said it plans to repay its government bailout funds.

World markets: Indian stocks soared 17% after a parliamentary win by the nation's ruling party raised hopes of more political stability. Trading was halted after the surge.

Peter Cardillo, chief market economist for Avalon Partners, said signs of stabilization in India, an emerging economic powerhouse, are helping support the U.S. market.

"The prospects of more stability in India and the surge in their stock market could be beneficial to us," said Cardillo. "I think it's a stabilizing factor for the market."

Most other Asian markets fell. Stocks in Europe closed nearly 2.5% higher.

Rally or bust: A growing sense of economic optimism has lifted shares since their March 9 multi-year lows that many analysts believe represent a bear market bottom.

But the rally hit a wall last week after weaker-than-expected reports on retail sales, housing and weekly jobless claims that shook the outlook for economic growth and put investors on the defensive.

Market participants are trying to determine if last week's pullback was a temporary dip on the way up, or a sign of more weakness to come.

To that end, Krosby said investors are watching key technical levels on the S&P 500, which closed near the bottom of its recent trading range Friday. She said a close above the 900 level Monday, with a high degree of participation, would set the scene for a push higher.

"This week is very important for both bulls and bears," she said.

Bonds: Treasury prices slumped, raising the yield on the benchmark 10-year note to 3.21% from 3.13% Friday. Treasury prices and yields move in opposite directions.

Other markets: In currency trading, the dollar rose versus the yen, but fell sharply against the euro and British pound.

U.S. light crude oil for June delivery rose $2.69 to settle at $59.03 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery fell $9.60 to settle at $921.70 an ounce.

The national average price of a gallon of unleaded gasoline rose to $2.31, its 20th consecutive increase, according to a daily reading released by the motorist group AAA. The price of gas has increased by about 25 cents a gallon in the last three weeks, according to the Lundberg Survey. 

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a higher start Monday, but trading could be volatile with no major economic reports on tap to give investors direction.

At 6:50 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq-100 futures were slightly higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Investors have pushed stocks higher for the past two months, but the rally hit a wall last week after weaker-than-expected reports on retail sales, housing and weekly jobless claims.

No economic readings are slated for Monday. Peter Cardillo, chief market economist for Avalon Partners, said this could lead to a "choppy mixed session" on Wall Street, without strong catalysts to drive the markets up or down.

Cardillo said the strongest catalyst is coming from India, where stocks soared 17% after election results raised hopes of more political stability. Trading was halted after the surge.

"The prospects of more stability in India and the surge in their stock market could be beneficial to us," said Cardillo. "I think it's a stabilizing factor for the market."

World markets: Besides India, most other Asian markets fell. Stocks in Europe were mixed in midday trading.

Companies: Lowe's (LOW, Fortune 500) is due to report quarterly results before the start of trading. The home improvement retailer is expected to have earned 25 cents per share, down from 41 cents a year earlier.

Money, oil and gas: The dollar rose versus the euro and the yen, but slipped against the British pound.

The price of oil rose 78 cents per barrel to $57.12.

The national average price of a gallon of unleaded gasoline rose to $2.31, its 20th consecutive increase, according to a daily reading released by the motorist group AAA. The price of gas has increased about by 25 cents a gallon in the last three weeks, according to the Lundberg Survey.