Before the bell: Stocks aim for higher open as Citi may be selling itself

Posted Nov 21st 2008 7:33AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Citigroup Inc. (C), Oil

Finally. Finally, I can say that U.S. stock futures actually soared early Friday morning, following days of gut wrenching declines in the stock markets that had the Dow indsutrials Thursday closing below 7,600 in a 5.5% nose dive. The declines were partly due to the delay in the automotive sector government bailout that increased recession fears.

But Citigroup came and said late Thursday it may be open to selling itself, and along with upbeat results from Dell and Salesforce.com investors were a little more encouraged.

Meanwhile, overseas, European and Asian stock markets rebounded Friday with investors picking up financial, energy and commodity stocks, most beaten up lately. This, in turn, caused oil prices to rise from their 3-year low and rade back above $50 a barrel.

With no economic releases today, investors would focus on Citi. For now, at least, futures indcate a 2.5-3% higher start at the open on Wall Street.

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