Stock futures rise, point to higher opening
Tuesday, 15 June 2010
NEW YORK, June14 (AP): Stocks are set to open the week higher, building on their first winning week in a month. Futures rose Monday following signs that Europe's economy is still growing.
Major European markets all rose after a report showed industrial production in the 16 countries that use the euro grew more than expected in April. The euro also rose, climbing back above $1.22 for the first time since June 4.
The production report was encouraging because investors have been worried that a growing sovereign debt crisis in Europe would upend a recovery and send the continent back into a recession. There are concerns a global recovery would then grind to a halt as Europe struggles.
However, there have been few signs so far that the steep budget cuts needed to contain rising debt in countries like Greece, Spain and Portugal have slowed economies around the world.
Ahead of the opening bell, Dow Jones industrial average futures rose 60, or 0.6 per cent, to 10,198. Standard & Poor's 500 index futures rose 7.40, or 0.7 per cent, to 1,092.40, while Nasdaq 100 index futures rose 12.25, or 0.7 per cent, to 1,854.75.
Stocks are trying to build on a rally that helped push stocks higher Friday and sent the Dow to its best week since mid-February. The Dow jumped 2.8 per cent last week in volatile trading, which snapped a three-week losing streak. Stocks routinely sold off or rallied sharply during the final hours of trading each day.
Major European markets all rose after a report showed industrial production in the 16 countries that use the euro grew more than expected in April. The euro also rose, climbing back above $1.22 for the first time since June 4.
The production report was encouraging because investors have been worried that a growing sovereign debt crisis in Europe would upend a recovery and send the continent back into a recession. There are concerns a global recovery would then grind to a halt as Europe struggles.
However, there have been few signs so far that the steep budget cuts needed to contain rising debt in countries like Greece, Spain and Portugal have slowed economies around the world.
Ahead of the opening bell, Dow Jones industrial average futures rose 60, or 0.6 per cent, to 10,198. Standard & Poor's 500 index futures rose 7.40, or 0.7 per cent, to 1,092.40, while Nasdaq 100 index futures rose 12.25, or 0.7 per cent, to 1,854.75.
Stocks are trying to build on a rally that helped push stocks higher Friday and sent the Dow to its best week since mid-February. The Dow jumped 2.8 per cent last week in volatile trading, which snapped a three-week losing streak. Stocks routinely sold off or rallied sharply during the final hours of trading each day.