U.S. Stock-Index Futures Advance


U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will recover from the worst tumble since October, on speculation central banks will step up efforts to spur growth as economies contract.

Citigroup Inc. rallied 6 percent after Federal Reserve Chairman Ben S. Bernanke said he may use less conventional policies, such as buying Treasury securities, to revive the economy. Exxon Mobil Corp. advanced 1.6 percent as the S&P 500 Energy Index traded near the cheapest level on record.

Futures on the S&P 500 expiring in December added 13.6, or 1.7 percent, to 829.4 at 8:22 a.m. in New York. The benchmark for U.S. equities yesterday tumbled 8.9 percent as manufacturing contracted at the fastest pace in 26 years.

Dow Jones Industrial Average futures today gained 109, or 1.3 percent, to 8,248, while Nasdaq-100 Index futures climbed 13.75, or 1.3 percent, to 1,108.25.

Europe’s Dow Jones Stoxx 600 Index advanced 1.1 percent, reversing an earlier drop of 2.3 percent. Barclays Plc and Rio Tinto Group limited gains, falling more than 4 percent on concern the deepening recession will crimp earnings.

The MSCI Asia Pacific Index decreased 4.2 percent as China Petroleum & Chemical Corp. dropped 6.2 percent.

Japanese stocks tumbled to the lowest level in almost two weeks as a drop in global manufacturing added to evidence the global recession is deepening. The Nikkei 225 Stock Average slumped 533.53, or 6.4 percent, to close at 7,863.69 on the Tokyo Stock Exchange.

Australian S&P/ASX 200 Index fell 153 points, or 4.2 percent, to 3,528.20 at the close of trading in Sydney, the biggest drop since Nov. 20.


TradingEconomics.com, Bloomberg.com
12/2/2008 5:45:44 AM