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BLBG: U.S. Index Futures Advance With S&P 500, Dow at All-Time Highs
 
U.S. stock-index futures rose, indicating equities may extend all-time highs after a fifth week of gains, as confidence in the global economy grew amid support from central banks.

Futures on the Standard & Poor’s 500 Index expiring in December added 0.2 percent to 2,066.4 at 7:25 a.m. in New York. The S&P 500 advanced 1.2 percent last week as data signaled the U.S. economy is improving, and European Central Bank President Mario Draghi pledged to raise inflation as fast as possible, while China unexpectedly cut interest rates. Dow Jones Industrial Average contracts increased 33 points, or 0.2 percent, to 17,813 today. The underlying index closed at a record last week.

“The U.S. economy is very solid, and we’re also starting to see signs that the worst is behind us for Europe,” said Allan von Mehren, chief analyst at Danske Bank A/S in Copenhagen. “Investors are starting to position for a global recovery in the first half of next year. It’s a combination of more optimism about global growth and very accommodative policy, as stimulus picks up in Japan, China and Europe.”

The S&P 500 has rebounded 11 percent from a six-month low last month. The gauge had plunged as much as 7.4 percent as concern grew Europe was leading a global growth slowdown. Futures extended gains today after a report showed German business confidence unexpectedly advanced this month.

The rally in American equities has pushed stock valuations to the highest since the end of 2009. The S&P 500 trades at 17.2 times the projected earnings of its members, up from a multiple of 15.5 last month. Profit for S&P 500 companies may rise 7.6 percent this year, estimates compiled by Bloomberg show.

Economic Reports

In Germany, the Ifo institute’s business climate index rose to 104.7 in November from 103.2 in October. Economists had predicted a decline in the gauge that is based on a survey of 7,000 executives.

Preliminary data from Markit Economics at 9:45 a.m. New York time will show the U.S. services industries expanded at a faster pace this month, economists forecast. Reports tomorrow may show the world’s largest economy grew at a slower rate in the third quarter than first estimated, while consumer confidence probably climbed in November to a seven-year high.

Among stocks moving on corporate news today, Tetraphase Pharmaceuticals Inc. rallied 18 percent to $26 in early New York trading as people familiar with the matter said the biotechnology company is exploring a sale. Platinum Underwriters Holdings Ltd. climbed 18 percent to $72.50 after the reinsurer said RenaissanceRe Holdings Ltd. will buy it for about $76 per share.

Black Friday

Best Buy Co., the world’s biggest electronics chain, jumped 6.7 percent to $40.57 before Black Friday on Nov. 28 kicks off the year’s busiest shopping season. The National Retail Federation predicts retail sales will rise 4.1 percent this holiday season, more than the 2.9 percent average of the past 10 years.

Tesla Motors Inc. gained 1.6 percent to $246.75 in early New York trading after the stock posted its worst weekly performance in six. The electric-car maker plans to cooperate with Bayerische Motoren Werke AG on battery technology and charging stations, Tesla Chief Executive Officer Elon Musk told Der Spiegel.

To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Namitha Jagadeesh, Alan Soughley
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