Tags: stock | futures | dow | djia

US Stock Futures Rise as Dow May Gain After Biggest Drop of Year

Thursday, 08 Nov 2012 07:43 AM

U.S. stock-index futures rose, indicating the Dow Jones Industrial Average will rebound from the biggest selloff in almost a year.

Qualcomm Inc. the largest seller of mobile-phone chips, rallied 7 percent in Germany after forecasting sales and profit that beat projections. Activision Blizzard Inc. rose 1.7 percent as the biggest U.S. video-game maker reported better-than- estimated earnings. Mondelez International Inc. fell after its earnings guidance trailed forecasts.

Standard & Poor’s 500 Index futures expiring in December climbed 0.2 percent to 1,391.3 at 7:14 a.m. in New York before data on the U.S. trade balance and jobless claims. Dow contracts expiring the same month added 29 points, or 0.2 percent, to 12,892 today.

Both the S&P 500 and the Dow average tumbled 2.4 percent yesterday as investors turned their attention to the budget debate and the euro area’s debt crisis following President Barack Obama’s re-election.

“The fiscal cliff is clearly on top of people’s minds,” Manish Singh, who helps manage $2 billion as head of investment at Crossbridge Capital in London, said on Bloomberg Television. “I am definitely bullish they will find a solution, but it’s politics. So we will have to bear with the volatility.”

All 10 groups in the S&P 500 declined yesterday, led by financial shares, as investors focused on the so-called fiscal cliff, $607 billion of tax increases and federal-spending cuts set to kick in automatically at the start of 2013, unless Congress reaches a compromise. Volume for exchange-listed stocks in the U.S. was 7.9 billion shares, or 32 percent above the three-month average.

© Copyright 2015 Bloomberg News. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved