S&P 500 Futures Jump, Oil Drops on Bin Laden’s Death; Yen, Silver Decline

[RandySF]

U.S. stock-index futures and Asian shares jumped, while crude oil fell from a 31-month high and the yen weakened after a U.S. official said Osama bin Laden was dead. Silver tumbled as much as 13 percent.

Futures on the Standard & Poor’s 500 Index rose 0.7 percent as of 12:09 p.m. in Tokyo, indicating U.S. shares may extend a four-day rally when markets open later today. The MSCI Asia Pacific added 0.3 percent, set for the highest close since Jan. 19. The yen fell against 15 of its 16 most actively traded peers. Crude tumbled 1.4 percent in New York. Silver plunged after CME Group Inc., the Comex parent, increased the minimum amount of cash that traders must deposit for speculative positions.

U.S. President Barack Obama will announce this evening that bin Laden, who helped found the al-Qaeda terrorist network, has been killed, an administration official said. Asian stocks earlier gained after billionaire Warren Buffett said his Berkshire Hathaway Inc. would be “delighted” to invest in Japan and elsewhere in the region, as data showed South Korean exports climbed to a record in April and Australian Treasurer Wayne Swan said next week’s budget will forecast the creation of 500,000 new jobs within two years.

http://www.bloomberg.com/news/2011-05-02/s-p-500-futures-jump-oil-drops-on-bin-laden-s-death-yen-silver-decline.html

[spooky3]

1. very interesting - thanks

[Merlot]

2. Can someone explain why oil prices are dropping on this news?

Seriously.

[DCBob]

3. stability = lower oil prices

stops the speculators from speculating.

[Merlot]

4. Thanks. I didn't think anything could stop the speculators.

[spooky3]

5. I wonder if Glenn Beck is selling all his gold stock first thing in the morning.

[cbdo2007]

6. It will be a hiccup for the precious metals - a big one - but they'll recover.

[GameOn]

7. i need to see the body now. nt