Stock futures edge up as banks offer hope - Monday 12th November 2007

A rough week for US stock markets looked to be giving way to calmer seas today (November 12th), with stock futures staging a rise.

Dow industrial futures were up three points, with S&P 500 futures climbing 0.6 points, while Nasdaq 100 futures slipped down 5.75 points, providing a mixed response to the banking recovery thought to be on the cards.

Reports in the New York Times suggested that headway had been made in Citigroup, Bank of America and JP Morgan talks over new investment funds, at least providing some positives for stock markets battered over the past week.

Bank of America and JP Morgan, as well as the Wachovia group, had seen their stocks decline dramatically due to warnings of fourth-quarter write-downs in response to sub-prime mortgage woes.

But despite today's early upturn, news from London subsequently jilted futures back down, with rumours that plumes of smoke from an east London fire were terrorist-related sparking a bout of market skepticism.

With the London factor now receding, stocks could rise again, but overall trade for today is expected to be light as US bond markets are closed for Veterans Day.
Goldbug, 12 Nov '07

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.