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

 

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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.

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