Fannie, Freddie Bailout Boosts Stock Futures

Cigarette maker Altria (MO Quote) said it would buy chewing-tobacco producer UST (UST Quote) for about $10 billion in cash.

Looking at the day's economic data, the Federal Reserve's measure of July consumer debt is expected to be released this afternoon.

As for commodities, the price of crude oil was up $1.68 at $107.91. Gold gained $13.30 to $816.10.

Longer-dated U.S. Treasury securities were quickly dropping in price. The 10-year was down 28/32 to yield 3.8%. The 30-year was losing 1-1/32, yielding 4.36%. The dollar was gaining on the euro, yen and pound.

Overseas exchanges, including the FTSE in London, the Dax in Frankfurt, the Nikkei in Japan and the Hang Seng in Hong Kong, were making substantial gains.