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NEW YORK (CNNMoney) -- U.S. stocks were poised to rally at the open Wednesday after the Bank of Japan announced a monetary boost to address weak economic growth.
The Bank of Japan announced Wednesday that it would expand its asset purchase program by 10 trillion yen in an effort to stimulate its economy as global demand slows.
Asian markets rallied on the news. The Shanghai Composite ended up 0.4%, while the Hang Seng in Hong Kong and Japan's Nikkei gained 1.2%.
The announcement comes less than a week after the U.S. Federal Reserve announced its latest stimulus plan, and two weeks after the European Central Bank revealed its new bond-buying program.
European stocks were mixed in morning trading. Britain's FTSE 100 and France's CAC 40 were both slightly above breakeven, while the DAX in Germany edged lower 0.1%.
Related: Bank of Japan announces new stimulus
On the domestic front, the U.S. housing market will be in focus Wednesday with reports due on housing starts, building permits and existing home sales.
At 8:30 a.m. ET, the U.S. Census Bureau will release data on housing starts and building permits for August. Analysts surveyed by Briefing.com expect housing starts to have occurred at an annual rate of 770,000, with building permits coming in at an annual rate of 800,000.
After the opening bell, the National Association of Realtors will release data on existing home sales for August, which are expected to have occurred at an annual rate of 4.58 million.
The housing market has showed signs of improvement lately, and the Fed hopes to support it further by driving down long-term interest rates with its asset purchases.
U.S. stocks closed mostly flat Tuesday, following more signs of a global slowdown and renewed concern over Europe's debt crisis.
Fear & Greed Index
Companies: Firms including AutoZone (AZO, Fortune 500) and General Mills (GIS, Fortune 500) are set to release quarterly results before the opening bell Wednesday, while Bed Bath & Beyond (BBBY, Fortune 500) is up after the close.
Yahoo (YHOO, Fortune 500) shares rose 1% in after-hours trading Tuesday, extending gains made during the trading day. The company announced Tuesday that it would return to shareholders most of the proceeds from selling a portion of its stake in China's Alibaba.
Currencies and commodities: The dollar rose against the euro, the British pound and the Japanese yen.
Oil for October delivery rose 27 cents to $95.56 a barrel.
Gold futures for December delivery gained $6.60 to $1,777.80 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.80% from 1.81% late Tuesday. 
First Published: September 19, 2012: 5:29 AM ET
19 Sep, 2012
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Source: http://rss.cnn.com/~r/rss/money_topstories/~3/TTir_lXOy9Y/index.html
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