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After what could only be described as one of the worst weeks in the market, U.S. stock futures pointed to a strong start Monday morning as reports the U.S. government could increase its stake in Citigroup (NYSE: C), but not nationalize it fully, had investors sigh in relief despite the obvious dilution in shareholders' investments.Also, a survey of economists was released by the National Association for Business Economics, which says economists have projected the recession will worsen this year in light of the continued troubles at home and abroad. In addition, they predicted the unemployment rate to increase to 9%. The silver lining, however, is that they expect a modest pickup in the second half of 2009, followed by a solid recovery in 2010.
As Obama is set to name Earl Devaney, a former Secret Service agent who helped expose lobbyists' corruption, as the one to oversee the $787 billion economic stimulus plan, there have been reports Americans will start reaping the benefits of tax cuts by April 1, according to the president.
Overseas, not surprising, Asian and European stock markets advanced Monday, mostly on the Citigroup news, which many hope will ease the financial crisis. Meanwhile, oil prices increased to above $40 a barrel on improved confidence in financial markets.
There are no economic releases today, but two Fed presidents are scheduled to speak.
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