U.S. stock futures advanced Monday after it was reported Sunday CIT Group may get a private sector emergency financing. News about problems at CIT and its potential demise kept dominating the news last week, marring what a decent showing from companies reporting earnings. Investors await another week of heavy earnings results starting Monday with the likes of Texas Instruments (NYSE: TXN) and Boston Scientific (NYSE: BSX).According to the New York Times, CIT Group Inc.'s (NYSE: CIT) board approved a deal late Sunday with major bondholders -- including bond manager Pimco -- to keep the company out of bankruptcy with a $3 billion rescue loan. The deal will buy CIT some time to restructure and reduce its debt load, after it failed to get help from the federal government.
And another day, another economist survey. This time, the National Association for Business Economics' quarterly industry survey found that demand is stabilizing, but a small majority said their firms had not yet seen the bottom. The U.S. recession therefore appears to be easing but likely has not yet ended.
Not much is on tap in terms of economic data. June leading economic indicators (LEI) is due out at 10:00 a.m. and is expected to have risen 0.5% in June, according to Briefing.com.
Overseas, Asian stocks rallied on CIT loan report, with Hong Kong's Hang Seng index up 3.6%. European markets rose in midday trading. Meanwhile, oil prices rose, nearing $65 a barrel Monday as strong second quarter company results helped boost investor optimism. A weaker U.S. dollar boosted oil as well.
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