U.S. futures jump on euro zone hopes; Dow rises 1.30%
Investing.com
Published Sep 27, 2011 08:01AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 1.30%, S&P 500 futures signaled an increase of 1.33%, while the Nasdaq 100 futures indicated a 1.21% gain.
Market sentiment was supported by speculation that euro zone leaders are considering ways to enlarge the capacity of the euro zone's bailout fund, the European Financial Stability Facility.
Shares in the financial sector led gains, with JPMorgan Chase shares surging 6.96% and Bank of America jumping 4.22% 4.3%, while Citigroup shares soared 6.97%.
Aerospace giant Boeing extended gains posted on Monday, with shares rising 4.22%, as the company expects to reach "cash breakeven" on each 787 Dreamliner this decade, Chairman and Chief Executive Jim McNerney said on Monday.
Meanwhile, software makers Oracle and Microsoft also contributed to gains with shares climbing 2.8% and 1.52% respectively.
Consol Energy, one of the U.S.'s largest coal mining companies also soared 9.03%, while oil and gas corporations, Exxon Mobil and Chevron climbed 3.48% and 1.64% respectively, tracking higher commodity prices.
On the downside, semiconductor manufacturing companies slumped, with shares in MEMC Electronic tumbling 2.78% and Applied materials falling 1.98%.
Elsewhere, Apple shares dipped 0.28% following an analyst report that said the company was cutting orders from suppliers of parts for its iPad tablet.
Other stocks in focus included Motorola Solutions, which is being investigated by U.S. regulatory authorities on whether the company paid bribes to win business in Europe, according to the Wall Street Journal.
Across the Atlantic, European stock markets remained higher, amid hopes for decisive action by European Union leaders to tackle the euro zone's debt crisis.
The EURO STOXX 50 climbed 4.40%, France’s CAC 40 rose 4.53%, Germany's DAX surged 4.40%, while Britain's FTSE 100 jumped 3.09%.
During the Asian trading session, Hong Kong’s Hang Seng Index jumped 2.6%, while Japan’s Nikkei 225 Index rallied 2.82%.
Later in the day, a U.S. report on new home sales was to be published.
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Written By: Investing.com
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