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Reply #3: U.S. Stock-Index Futures Climb on Optimism Euro Summit Will Solve Crisis [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 06:51 AM
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3. U.S. Stock-Index Futures Climb on Optimism Euro Summit Will Solve Crisis
U.S. stock-index futures rose, indicating the Standard & Poors 500 Index will climb for a third day, amid speculation European leaders will agree on steps to ease the regions debt crisis at a summit this week.

Bank of America Corp. (BAC), the second-biggest U.S. lender by assets, climbed 0.9 percent in early New York trading, leading financial shares higher.

Futures on the S&P 500 expiring this month rose 0.4 percent to 1,260.1 at 6:26 a.m. in New York after earlier climbing as much as 1 percent. The S&P 500 has struggled to make any headway this year, rising less than 0.1 percent (SPX), as the euro areas debt crisis spread to the 17-nation currencys larger economies. Still, the gauge is the only major developed equity market of 24 tracked by Bloomberg that hasnt fallen this year. Dow Jones Industrial Average futures also expiring in December added 50 points, or 0.4 percent, to 12,162 today.

All is not lost for investors, especially as U.S. growth rates appear to be accelerating, said Dan Greenhaus, the chief global strategist at BTIG LLC in New York. The only question at this point is how deep the European recession will be and what effect it has on other regions.

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