NEW YORK, Dec 23 - Stocks are set for a flat open on Tuesday as investors await data on consumer sentiment, personal consumption and economic growth a day after pushing the blue-chip Dow and the broad Standard & Poor's 500 to new 19-month highs. Trading volume is likely to be light during the last full trading day before Christmas. Markets are set to close early on Wednesday and to stay shut on Thursday for the Christmas holiday, leaving Tuesday crammed with economic reports. Wall Street will get the final read on third-quarter gross domestic product, or GDP, at 8:30 a.m. (1330 GMT). Analysts polled by expect the final number to be the same as the previous reading -- an 8.2 percent annual growth rate. That marked the strongest quarterly advance in 19-1/2 years. The November report on personal income and consumption will land at 8:30 a.m. (1330 GMT). Personal income is expected to have risen by 0.4 percent, matching the rise in October, while consumption is likely to have grown by 0.7 percent, versus an unchanged reading.
The University of Michigan releases its final December reading of its consumer sentiment index at 9:45 a.m. (1445 GMT). Economists polled by forecast a rise to 91.0 from a preliminary reading of 89.6 earlier this month that confounded expectations for an increase to 96.0. "We want to see continued confirmation of the recovery, we don't want to see any slippage in the numbers," said Peter Boockvar, equity strategist at Miller Tabak & Co. "Every number is going to be important in that we need to substantiate the expectation of an improving economy." Futures for the Standard and Poor's 500 edged down 0.90 of a point to 1,091.80. Futures eased 0.50 of a point to 1,433 for the Nasdaq 100 and lost 13 points to 10,313 for the Dow Jones industrial average.
TARGET DISAPPOINTS
A disappointing sales report from retailer Target Corp. late on Monday may weigh on the sector and add to worries about consumer spending in the busiest shopping period of the year. Target said December sales at stores open at least a year were running below expectations for the week ended Dec. 20. The dollar failed to shake off its weakness on Tuesday ahead of the Christmas holidays as investors focused on security fears. European stocks hovered close to their 2003 highs but took their tone from Asia where indexes made little headway despite Wall Street hitting a fresh 19-month peak on Monday. Tokyo markets were shut for a holiday. The blue-chip Dow and the broader Standard & Poor's 500 index both hit fresh 19-month highs in quiet trading on Monday, as investors brushed off a heightened U.S. security alert. The Dow Jones industrial average <.DJI> ended up 59.78 points, or 0.58 percent, at 10,338.00, its highest close since May 17, 2002. The Standard & Poor's 500 Index <.SPX> added 4.27 points, or 0.39 percent, to 1,092.94, its highest finish since May 23, 2002. The technology-heavy Nasdaq Composite Index <.IXIC> shrugged off earlier losses and gained 4.78 points, or 0.25 percent, to 1,955.80.//