Before the Bell: Futures Pointing to a Higher Start

Posted Feb 8th 2010 8:07AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Magazines, CIT Group (CIT), CVS Corp (CVS), Hasbro Inc (HAS), Economic Data, Oil

U.S. stock futures were ~~lower~~ higher Monday morning as concerns about the debt situation in Europe continued to weigh on sentiment. The Dow industrials, it seems, for now will continue to flirt with the 10,000 level, following general declines in U.S. stocks markets last week.

[Update: So far this morning futures have changed direction several times as investors try to find a firm footing.]

Stocks slumped last as worries mounted over debt problems in Greece, Portugal and Spain and a mixed bag of economic indicators in the U.S. Meanwhile, concerns over Greece abated somewhat as the government worked Monday on a tax overhaul aimed at getting its deficit under control.

Over the weekend, European finance ministers tried to assure their counterparts in the Group of Seven industrialized nations that the euro zone's debt crisis is under control. They said they would make sure that Greece sticks with its budget-cutting plans. The Group of Seven, which met near the Arctic, said the global economy has improved.

And U.S. Treasury Secretary Timothy Geithner said Sunday the risk that the U.S. economy will slip back into recession is lower now than at any time in the past year, while conceding that recovery will be slow and uneven.

Overseas, stocks in Asia finished lower Monday, but in Europe, major indexes rose in morning trading.

Oil prices held above $71 a barrel Monday after hitting a two-month low last week, boosted by tensions over Iran's nuclear program and a cold snap in the U.S. northeast.

Among stocks in the news are CIT Group Inc. (CIT), which appointed former Merrill Lynch CEO John Thain chairman and CEO. Hasbro (HAS), CVS Caremark Corp. (CVS) and others are among the companies reporting today.

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