Before the bell: Futures higher ahead of a week full of earnings

Posted Oct 12th 2009 7:35AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Earnings Reports, Market Matters, Economic Data, Oil

U.S. stock futures were higher Monday morning, as investors are seemingly ready to continue to drive on last week's momentum and strong gains ahead of a busy week of earnings. So far, in general companies have surprised, including Philips Electronics (NYSE: PHG) which reported this morning, spurring optimism regarding earnings season even higher.

After a strong Friday, stocks last week finished the week 4% higher for the Dow industrials, and 4.5% higher for the S&P 500 and Nasdaq Composite. Today, there is n bonds trade.

Philips Electronics NV , Europe's biggest consumer electronics company, made a better than expected net profit of euro174 million ($256 million) in the third quarter. Philips shares rose around 6 percent.

The Philips earnings stoked European stock markets higher Monday despite earlier losses in Asia on hopes that businesses around the world have weathered the worst of the economic storm and are poised to take advantage of the global recovery.

Oil prices approached $73 a barrel Monday with the main driving factor being renewed optimism on the economy.

There are no economic data coming out today, but President Barack Obama's top economic adviser Larry Summers said on Monday the United States is on the path toward economic recovery, conditions in financial markets are steadier and there have been initial signs of stabilization in the housing market.

Print this