Monday, June 1, 2009

U.S. stock futures advanced

June 1 (Bloomberg) -- U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index may extend gains from the first-three month winning stretch since its 2007 record, as growth in Chinese manufacturing boosted confidence the global economy is recovering.

Alcoa Inc., the largest U.S. aluminum producer, Freeport- McMoRan Copper & Gold Inc. and Barrick Gold Corp. climbed with higher metals prices. Exxon Mobil Corp., the biggest U.S. oil company, and ConocoPhillips gained as crude rallied and China increased prices of gasoline and diesel by as much as 8 percent.

Futures on the Standard & Poor’s 500 Index expiring in June added 1.6 percent to 932.5 at 9 a.m. in New York, even after General Motors Corp. filed for bankruptcy. Dow Jones Industrial Average futures rose 1.3 percent to 8,598. Nasdaq-100 Index futures climbed 1.1 percent to 1,451.

“Investors are reacting to increased optimism surrounding economic numbers,” said Peter Jankovskis, who helps manage $1.2 billion at OakBrook Investments in Lisle, Illinois. “The surge in commodities prices is an indication that people see an economic recovery taking place.”

No comments: