Stock Futures Point to a Continuation of Three-Day Rally

NEW YOR (TheStreet) -- Stock futures drifted higher on Monday, extending a three-day run that saw the S&P 500 nudge higher to a new record close last week. Markets have been on a tear after Federal Reserve Chair Janet Yellen and colleagues said the central bank would remain "patient" in its approach to rate hikes.

S&P 500 futures were up 0.22%, Nasdaq futures gained 0.11% and Dow Jones Industrial Average futures climbed 0.26%. Oil prices were slipping slightly after posting a rebound of around 0.3% earlier Monday.

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European markets were trading higher, with Germany's DAX up as much as 1.1%. London's FTSE gained nearly 1%, pulled higher by energy stocks including Royal Dutch Shell (RDS.A) .

As Wall Street enters its final two holiday-shortened weeks of the year, trading volume will likely remain light and corporate announcements scant. On the economic calendar Monday, existing home sales will be released at 10 a.m. EST. Economists expect strength in October to have continued through to November with sales at an annualized pace of 5.17 million.

Sony (SNE) shares were gaining nearly 1% in premarket trading after the company's attorney said they were "still exploring options" as to the distribution of The Interview, the controversial movie that triggered hacker attacks against the studio.

American Apparel (APP) shares were gaining after the company adopted a new stockholder rights plan. The stock has been rallying since the retailer officially terminated divisive CEO Dov Charney last week.

Express Scripts (ESRX) and AbbVie (ABBV) were climbing after reaching an exclusive hepatitis C pharmacy deal. AbbVie shares were adding 6% and Express jumped 2.5%.

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--Written by Keris Alison Lahiff in New York.

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