Bank of America Corp. and Citigroup Inc. climbed at least 2.3 percent to pace gains among financial companies, as investors watched Europe's efforts to push Greece to a bailout. Freeport-McMoRan Copper & Gold Inc. and Halliburton Co. added more than 2.8 percent as commodities advanced. MasterCard Inc. jumped 7.3 percent after profit beat analysts' estimates.
S&P 500 futures expiring in December rose 0.5 percent to 1,230.10 as of 8:27 a.m. in New York. The benchmark gauge for American equities dropped 5.2 percent over the previous two days, the most since Oct. 3. Dow Jones Industrial Average futures added 36 points, or 0.3 percent, to 11,718 today.
“Market sentiment continues to improve after recent developments in Greece weighed on risk appetite,” Marc Chandler, chief currency strategist at Brown Brothers Harriman & Co. in New York, said in a note today. “We do not think any form of QE3 is imminent but we recognize the risk that Bernanke would drop some hints about it,” he said, referring to a third round of quantitative easing, or asset purchases. “Clearly, increasing the balance sheet remains an option that the Fed refuses to reject.”
Yesterday's decline followed the best monthly gain for the S&P 500 since 1991. The drop cut the index's price to 12.8 times reported earnings, 22 percent below its five-decade average of 16.4, according to data compiled by Bloomberg. The index trades close to the level where three rallies stopped in August and September, the top of a price range that prevailed for 10 weeks. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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