Ahead of economic news, markets head higher

January 6, 9:59 AMFinance ExaminerDale Horn

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US equity markets are heading moderately higher ahead of a fresh round of economic readings later this morning. Yesterday, the DJIA slid 81.80 points, or 0.91%, to 8952.89, the Nasdaq slid 4.18 points, or 0.26%, to 1628.03, while the S&P 500 fell 4.35 points, or 0.47%, to 927.45.

In economic news, ISM Non-Manufacturing, factory orders and pending home sales will be reported at 10:00 AM EST. In corporate news, Dow Chemical Co. (DOW) said it will pursue "legal options" against Kuwait following the country's decision to pull out of a multibillion-dollar joint venture that was a cornerstone of Dow's effort to transform itself. Toyota Motor Corp. (TM) said that it will further cut back its domestic output for a combined 11 days in February and March, revealing its growing pessimism about flagging auto demand. Google Inc. (GOOG) continued to take a larger share of the U.S. Internet search market in November, according to data published by Nielsen Online. Google's share of the market rose 21.7% year over year, to 64.1% in November, according the data.

Yesterday's Leaders: Apple (AAPL up $3.83 to $94.58), Google (GOOG up $6.73 to $328.05), Microsoft (MSFT up $0.19 to $20.52), and Schlumberger (SLB up $1.20 to $46.82). Yesterday's Laggards: Wells Fargo (WFC down $1.94 to $28.06), JP Morgan & Chase (JPM down $2.10 to $29.25), Verizon (VZ down $2.16 to $32.48), and AT&T (T down $0.99 to $28.43). The 10-year Treasury note is yielding 2.554%, the dollar is up against the yen and euro, while light crude oil deliverable in February is up $1.03 to $49.84.