Before the bell: market to higher after governments took a series of aggressive steps to address the global financial crisis.
Futures
for U.S. stocks were sharply highe: S&P futures vs fair value:
+31.90. Nasdaq futures vs fair value: +55.30 - indicating a good start. U.S. bond markets will be closed Monday for the Columbus Day holiday but stock markets will be open.
Stocks in Europe were trading up and key markets in Asia closed higher. "It looks like we're going to have a nice relief rally today," said David Buik with BGC Partners in London. Investors were reacting to several government actions: * The British government announced a $63 billion investment in three major banks.
* The U.S. Federal Reserve, Bank of England, European Central Bank and
the Swiss National Bank revealed coordinated steps to juice short-term
funding markets. Bank of Japan said it will mull similar measures. * On Sunday, 15 European nations agreed to a wide-ranging plan to shore up troubled banks. London's FTSE 100 is up 4.3%. The Cac 40 in Paris had gained 6.4% and the Dax in Frankfurt, Germany, was up 5.8%. In Asia and the Pacific, most markets on Monday posted gains - some were strong. Crude oil prices are off their highest levels of the morning, but are
still up a steep 5.4% to $81.90 as the dollar drops 2.1% against a
basket of world currencies.
