Futures Rise on Hopes for Federal Reserve Action
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a stronger open Monday as investors mull the possibility of action from the Federal Reserve to bolster the U.S. economy.
Futures for the Dow Jones Industrial Average were up by 158 points, or 179 points above fair value, at 10,978. Futures for the S&P 500 were higher by 19 points, or 21 points above fair value, at 1143, and Nasdaq futures were ahead by 39 points, or 43 points above fair value.
Stocks dropped Friday, closing a volatile session as investors sought clarity on the European sovereign debt crisis.
Investors are hoping for some type of action from the U.S. central bank when Fed Chairman Ben Bernanke gives a speech on Friday during a summit of central bankers in Jackson Hole, Wyo.Oil prices are rising on news that Libyan rebels took most of Tripoli. The October crude oil contract was gaining $1.07 to trade at $83.48 a barrel. The FTSE in London was gaining 2.4% and the DAX in Frankfurt was adding 1.4%. Hong Kong's Hang Seng rose 0.5% while Japan's Nikkei declined 1%. Economic activity in the Chicago region improved slightly in July, even though the level remained in negative territory. The Chicago Fed's National Activity Index rose to a reading of -0.06 in July, from -0.38 in June.
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