By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — U.S. stock futures were pointing higher on Monday, with investors emboldened after key psychological levels were reached on the major exchanges last week, and with a handful of earnings news expected to be in focus.
Futures for the Dow Jones Industrial Average were up 30 points to 12,075, while those for the S&P 500 index rose 4.4 points to 1,311.60. Futures for the Nasdaq Composite rose 6.5 points to 2,344.
Markets closed higher on Friday, and for the week, with the Dow Industrials up 29.89 points, or 0.3%, to 12,092.15. The Dow Industrials and S&P 500 index last week pushed above the key 12,000 and 1,300 levels, respectively, for the first time since 2008.
The Dow rose 2.3% for the week and the S&P 500 rose 2.7%, both the best weekly performances since Dec. 3. The Nasdaq 100 index rose 3.1% on the week.
Atif Latif, a director of trading at Guardian Stockbrokers, said there is still plenty of enthusiasm for U.S. stocks following last Friday’s nonfarm payroll numbers, which showed only 36,000 additions to payroll, but a surprise drop in the unemployment rate to 9% for January. See report on payrolls.
The key levels reached last week for markets are also inspiring investors, Latif added, in emailed comments.
Geopolitical events are also helping. “We are seeing strength in the market due to chatter about Egypt calming down,” he added. In Cairo, some businesses were trying to return to normal, but many protestors remained on Tahrir Square on Monday, according to media reports.
The data calendar for Monday is thin with consumer-credit data for December due at 3 p.m. Eastern time.
On the earnings side, Hasbro Inc. (HAS 43.00, -1.82, -4.06%) is due to report quarterly results before the market open.
Loews Corp. (L 43.10, +1.70, +4.11%) said it earned $1.12 a share versus 94 cents a share, in the fourth quarter, on a year-ago basis.
AOL Inc. (AOL 22.50, +0.56, +2.55%) said it signed a definitive deal to buy news website The Huffington Post for $315 million. The deal has already been approved by the boards of the two companies. See AOL to buy The Huffington Post.
In Europe, shares were higher, led by banks while shares of Nokia Corp. (NOK 11.33, +0.27, +2.44%) rose on reports of a planned management shake-up. In Asia, a weak yen boosted stocks in Tokyo, while Hong Kong shares fell, led by energy stocks, on weaker crude prices. Europe Markets. | Asia Markets.
Crude oil for March delivery rose 37 cents to $89.40 a barrel, while gold futures for April delivery fell $1.20 to $1,347.80 an ounce.
