Bloomberg News

U.S. Stock-Index Futures Pare Gains on Spanish Debt Sale

June 26, 2012

U.S. equity-index futures pared gains and were little changed as demand declined at an auction of Spanish debt.

S&P 500 Index futures expiring in September gained 0.1 percent to 1,307.80 at 10:17 a.m. in London, after earlier rising by 0.5 percent. Dow Jones Industrial Average futures rose 11 points, or 0.1 percent, to 12,442 today.

Spanish borrowing costs jumped as the nation sold 3.08 billion euros ($3.85 billion) of bills.

Spain sold three-month bills at an average 2.362 percent, compared with 0.846 percent at the last auction on May 22, and six-month bills at an average rate of 3.237 percent, compared with 1.737 percent last month. Demand for the three-month securities was 2.6 times the amount sold, compared with 3.95 times in May, while the bid-to-cover ratio for the six-month bills was 2.82 compared with 4.3.

To contact the editor responsible for this story: Tom Stoukas at astoukas@bloomberg.net


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