Futures Moving Higher, Global Stocks Rise

20 Jan 2016 | Author: | No comments yet »

U.S. stocks poised to rebound, shake off oil drop.

U.S. stocks looked set to rebound from a losing week on Monday, as investors shook off weak oil prices and appeared ready to hunt for bargains in the run-up to the Christmas holiday. Dow Jones Industrial Average futures YMH6, +0.80% surged 125 points, or 0.7%, to 17,142, while those for the S&P 500 index ESH6, +0.90% jumped 17.10 points, or 0.9%, to 2,009.25. Investors appeared willing to overlook more losses for oil prices as Brent oil LCOG6, -1.76% tapped levels not seen since 2004 and U.S. oil prices CLG1, -1.57% fell nearly 1% to $35.69 a barrel. A rise in the U.S. oil-rig count for the first time in five weeks on Friday will likely stay on investors’ minds. “Volume will be light, so traders will have to keep an eye on oil as many start to take profits and come out of positions as we approach the end of the year,” said Hughes.

And with the low volume will come a pickup in volatility, so “Santa maybe just around the corner, but don’t rule out the commodity rout stealing the limelight yet again.” U.S. markets will close early on Christmas Eve and not reopen until Monday, in what will be a full day of trading. The rest of the week will be busy, and Wednesday marks the busiest day for data releases, with durable goods orders, and consumer spending and sentiment all coming at once.

Ericsson Telefon AB ERICB, +5.79% ERIC, +6.08% surged in European trading on Monday after the Swedish maker of telecom equipment said it settled litigation with Apple Inc. In an interview on “60 Minutes” on Sunday, Apple Chief Executive Officer Tim Cook defended the company’s production locale of China and criticized U.S. corporate tax policy. Other markets: Markets in Europe SXXP, +0.32% traded higher with the exception of Spain, where the ruling Popular Party lost its parliamentary majority in a historic weekend election, putting an end to a two-party system in place for decades.

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