Bloomberg News

U.S. Stock Futures Advance Amid Optimism About Greece Crisis

June 28, 2011

June 28 (Bloomberg) -- U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index may rise a second day, amid optimism that a deal can be reached to help Greece avoid defaulting on its debt.

Citigroup Inc. gained 0.3 percent, while Bank of America Corp. rose 0.6 percent. Alcoa Inc. advanced 0.3 percent as metal prices increased. Nike Inc. jumped 4.6 percent after reporting fourth-quarter profit that topped analyst estimates.

S&P 500 futures expiring in September added 0.4 percent to 1,280.80 at 9:22 a.m. in New York, reversing a 0.4 percent loss. Dow Jones Industrial Average futures rose 39 points, or 0.3 percent, to 12,029.

“The Germans and the French are the key players to get this deal done,” said Mike Shea, a managing partner and trader at Direct Access Partners LLC in New York. “The market is looking for some kind of clarity. Nobody expects a permanent solution right now, but if the German banks are on board with the French plan it indicates that we are closer to some kind of resolution.”

Stocks trimmed some of their gains after data showed home prices decreased in the year ended April by the most in 17 months, showing the housing market remains an obstacle for the U.S. recovery. The S&P/Case-Shiller index of property values in 20 cities fell 4 percent from April 2010, the biggest drop since November 2009, the group said today in New York. From March to April, prices fell 0.1 percent on a seasonally adjusted basis, the smallest decline since July 2010.

--Editors: Jeff Sutherland, Joanna Ossinger

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus