U.S. stocks are pointing to a higher open Monday amid renewed hopes for a solution to the eurozone debt crisis and a robust start to the holiday shopping season.
NEW YORK (TheStreet) -- U.S. stocks were pointing to a higher open Monday amid renewed hopes for a solution to the eurozone debt crisis and a robust start to the holiday shopping season.
Futures for the Dow Jones Industrial Average were adding 241 points, or 218 points above fair value, to 11,428. Futures for the S&P 500 were up 32 points, or 28 points above fair value, to 1185. Futures for the Nasdaq were rising 52 points, or 49 points above fair value, to 2200.
Stocks were gaining amid record retail sales on Black Friday, the shopping day after the Thanksgiving holiday in the U.S. Store sales shot up 6.6% from a year ago to $11.4 billion, said ShopperTrak. Online sales surged 24.3% from the previous year, according to IBM's Coremetrics scale.
Investor sentiment also received a boost from reports that the European rescue fund might insure up to 30% of the region's sovereign bonds. There also media reports saying that the International Monetary Fund is setting aside €600 billion ($804 billion) in aid for Italy to prepare for a worsening of the debt crisis. The IMF denied the reports.
U.S. President Barack Obama will reportedly pressure European Union officials Monday to resolve the region's debt crisis, as European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso arrive at the White House for talks on cross-Atlantic trade and investments.
In U.S. economic news, the Commerce Department releases new-home sales data for October at 10 a.m. EST. Economists surveyed by Reuters are expecting a total of 315,000 annualized units, up from 313,000 units in September.
London's FTSE rose 2.25% Monday, and Germany's DAX added 3.20%. Japan's Nikkei Average settled up 1.56% and Hong Kong's Hang Seng index closed 1.97% higher.
The January crude oil contract was gaining $3.03 to trade at $99.80 a barrel. Gold for December delivery was surging by $28.30 at $1,714 an ounce.
The benchmark 10-year Treasury was up 28/32, diluting the yield to 2.063%. The dollar was falling against a basket of currencies, with the dollar index down 0.9%.
Stocks failed to hold gains during a shortened trading session Friday as investors weighed the latest developments in Europe amid the Black Friday shopping frenzy.
-- Written by Andrea Tse in New York.