"The data over the past week showed clearly that many major economies will emerge from the recession in the second half of the year, and data this week are likely to confirm that trend and view," T.J. Marta, Marta on the Markets LLC, wrote in an early note. See related story. S&P 500 futures rose 3.3 points to 1,028.5 as Nasdaq 100 futures added 2.75 points to 1,638.25. Futures on the Dow Jones Industrial Average rose 22 points to 9,511. SPX 1,026, +18.76, +1.86% 1,2001,000800600 09FMAMJJA Wall Street rallied Friday as existing-home sales rose more quickly than forecast and as Federal Reserve Chairman Ben Bernanke said the global economy is starting to emerge from recession. The S&P 500 (SPX 1,026, +18.76, +1.86%) closed at a 10-month high after the 1.9% advance. At the same Jackson Hole, Wyo., conference where Bernanke spoke on Friday, central bankers who spoke during the weekend were cautious on the prospects of an economic recovery and gave no indication of tightening policy on interest rates. "The Federal Reserve's Jackson Hole conference concluded with comments suggesting cautious optimism on the economic outlook -- the Fed, perhaps, offering more optimism, and the European Central Bank stressing the caution a little more," said Paul Donovan, an economist at UBS. Economist Nouriel Roubini, a noted bear, said in an op-ed in the Financial Times that the risk of a double-dip recession is rising and said policy makers face risks whether they stop loose monetary and fiscal policy soon. If they act quickly, they could undermine recovery and tip the economy back into stagflation, but if they don't act soon enough, "bond market vigilantes will punish" the policy makers and long-term government bond yields and borrowing rates would rise. Government spending also is in the limelight, with the "cash for clunkers" program due to expire Monday evening and as some called at the Jackson Hole conference for spending to be reined in. On the company front, clothing retailer Charlotte Russe Holding Inc. (CHIC 13.79, -0.21, -1.50%) said it agreed to be purchased by private-equity firm Advent International Corp. for about $380 million, or $17.5 a share, a 27% premium over Friday's closing price. In pre-market trading, shares of Charlotte Russe were up 26% at $17.40. Procter & Gamble (PG 53.58, +0.56, +1.06%) said it would sell its prescription drug business for $3.1 billion to Warner Chilcott (WCRX 16.06, +0.49, +3.15%) in a deal expected to close by the end of the year, confirming earlier reports. Nokia (NOK 12.49, +0.24, +1.96%) rose 1.5% ahead of the opening bell as the world's leading mobile-phone maker said it was going to sell a netbook using an Intel (INTC 18.89, +0.18, +0.96%) microprocessor. Advanced Micro Devices Inc. (AMD 3.70, +0.18, +5.11%) also struck pre-market gains, its stock rising 5.2% as Citigroup upgraded the chipmaker to buy from hold. Sears Holdings (SHLD 66.02, +1.02, +1.57%) fell 2.4% as Barron's said the retailer's stock could lose 50% if problems are not corrected. International markets were generally strong. Kyocera (KYO 79.85, +1.31, +1.67%) and Canon (CAJ 37.98, +0.38, +1.01%) contributed to the Nikkei 225 rising 3.3% in Tokyo, while Rio Tinto (RTP 159.25, +5.39, +3.50%) and BHP Billiton (BHP 63.06, +0.89, +1.43%) helped the pan-European Dow Jones Stoxx 600 rise 0.7%.

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