U.S. stock futures were higher Monday morning, indicating Wall Street could start the week on a positive note, even as it soared Friday to minimize the losses of last week. Investors were encouraged this morning after the whole weekend questions of a rescue for Citigroup culminated this morning in a $20 billion government injection as part of a rescue package that also includes $306 billion of U.S. government guarantees for troubled mortgages and toxic assets to stabilize the bank. Investors also await President-elect Barack Obama to introduce his economic dream team to tackle what could be the worst slowdown in decades and a key step toward enacting a huge new economic recovery plan that aims to save or create 2.5 million jobs over the next two years.
Overseas, most Asian markets declined Monday as investors remained concerned about global economic uncertainties and a weakening outlook for earnings. Friday's rally on Wall Street and Citi's rescue didn't help. In Europe, stock markets rose Monday, encouraged by Citi's rescue and following Friday's strong close.
Meanwhile, oil prices fluctuated back around $50 a barrel Monday following Citigroup's news as wel as news President-elect Barack Obama has chosen an economic team.
Finally, in economic news, October existing home sales will be released at 10:00 am.
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