U.S. Stock Futures Jump on Speculation of More Stimulus# Stock
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By Sofia Horta e Costa Oct 17, 2014 7:28 AM CT
U.S. stock-index futures rallied on speculation central banks will support
economic growth with more stimulus, while Morgan Stanley and General
Electric Co. reported better-than-estimated profits.
Futures on the Standard & Poor’s 500 Index (SPX) expiring in December
advanced 1.2 percent to 1,872.40 at 8:12 a.m. in New York. The S&P 500 is
down 2.3 percent this week, heading for a fourth week of losses. Contracts
on the Dow Jones Industrial Average gained 152 points, or 0.9 percent, to 16
,167 today.
“The market was clearly oversold and today’s gains are just a rebound,”
said Virginie Robert, co-founder of asset-management firm Constance Associes
in Paris. “Central banks can provide more support but they can’t do
everything. A good earnings season could give us the confidence that the
market needs.”
The European Central Bank will start “within the next days” to purchase
assets in the new program to support the economy, Benoit Coeure, an
executive board member, said today in Riga. St. Louis Federal Reserve Bank
President James Bullard said yesterday policy makers should consider
delaying the end of bond buying.
The S&P 500 has tumbled 7.4 percent since a record in mid-September on
concern a global slowdown will hurt the American economy just as the Fed
weighs when to raise interest rates. Pressure is mounting for European
Central Bank stimulus such as government-bond purchases as the 18-nation
euro area struggles to rebound from a sovereign debt crisis and subsequent
austerity measures.
U.S. stock-index futures rallied on speculation central banks will support
economic growth with more stimulus, while Morgan Stanley and General
Electric Co. reported better-than-estimated profits.
Futures on the Standard & Poor’s 500 Index (SPX) expiring in December
advanced 1.2 percent to 1,872.40 at 8:12 a.m. in New York. The S&P 500 is
down 2.3 percent this week, heading for a fourth week of losses. Contracts
on the Dow Jones Industrial Average gained 152 points, or 0.9 percent, to 16
,167 today.
“The market was clearly oversold and today’s gains are just a rebound,”
said Virginie Robert, co-founder of asset-management firm Constance Associes
in Paris. “Central banks can provide more support but they can’t do
everything. A good earnings season could give us the confidence that the
market needs.”
The European Central Bank will start “within the next days” to purchase
assets in the new program to support the economy, Benoit Coeure, an
executive board member, said today in Riga. St. Louis Federal Reserve Bank
President James Bullard said yesterday policy makers should consider
delaying the end of bond buying.
The S&P 500 has tumbled 7.4 percent since a record in mid-September on
concern a global slowdown will hurt the American economy just as the Fed
weighs when to raise interest rates. Pressure is mounting for European
Central Bank stimulus such as government-bond purchases as the 18-nation
euro area struggles to rebound from a sovereign debt crisis and subsequent
austerity measures.