(MENAFN- ProactiveInvestors) U.S. stock futures rose sharply in early trading Monday as oil prices rose helped in part by news of the closure of two Libyan oil terminals.
After tumbling to fresh 5-1/2 year lows overnight on OPEC's announcement that it will not cut output even if prices fall as low as $40 a barrel WTI for January delivery was last up 49 cents at $58.29 a barrel in electronic trading. Brent crude is up 1.1% at $62.55.
Futures on the three major US indexes were up between 0.6% and 0.8% as of 7:40am ET after equities tumbled on Friday due to the collapse in oil prices with the Dow recording its worst week of 2014 and its biggest weekly percentage drop since November 2011.
On the economic front this week is a big one in terms of data with the big event being the Federal Open Market Committee meeting and news conference on Wednesday. Today the Empire State Index for December will be released at 8:30am ET followed by industrial production data for November at 9:15am ET. The National Association of Home Builders index for December is also due out at 10:00am ET.
In corporate activity () has agreed to be sold to a BC Partners-led group for $8.7 billion in the largest private equity buyout of 2014. The consortium is paying $83 a share nearly 7% higher than the company's closing price on Friday and about 39% higher than its closing price on July 2 the day before activist investor Jana Partners disclosed itself as a major shareholder.
() said it is acquiring Charter Brokerage under undisclosed terms.
Pictures () has reportedly cancelled the production of several films due to the cyber attack that has left it unable to process payments. Over the weekend hackers released a seventh cache of files from the studio and said people can expect a "Christmas gift" that would put the company into the worst state.
Overseas Stocks in London rose as energy stocks gained while Japanese stocks fell today as oil prices sank overnight and as a survey showed caution on the side of the country's manufacturers getting no lift from Prime Minister Shinzo Abe's landslide win in a snap election over the weekend. in Hong Kong the police began clearing the last pro-democracy protest in the city today declaring an end to the turmoil that have blocked the city's roads for more than 11 weeks.
Gold futures fell $11 to $1212 an ounce in electronic trading in New York as stock futures climbed.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.