U.S. stock futures climb after Citi rescue |
http://www.marketwatch.com/news/story/story.aspx?guid={223B0E95-C272-47B7-BCFA-2ECF65583015}&siteid=rss
By Steve Goldstein, MarketWatch
LONDON (MarketWatch) –
U.S. stock futures pointed to opening gains on Monday after the last session’s blast higher, with Citigroup set to rise after the government injected $20 billion as part of a rescue package.
A late-hour rally pushed U.S. stocks to huge gains on Friday, with the Dow Jones Industrial Average jumping 494 points, the Nasdaq Composite rising 68 points and the S&P 500 rising 47 points. The gains came after news leaked that Timothy Geithner will be President-elect Barack Obama’s Treasury Secretary, though not all observers were convinced the gains were on the new selection alone.
“Anyone watching the markets Friday will be seriously suspicious of the validity of the huge rally. It was option expiration, and the rally seemed to feed on it itself and in a few select stocks,” said Tom Hougaard, market strategist at City Index in London.
Tags: Citigroup, Timothy Geithner, Treasury Secretary