US futures rebound after last week's sell-off

AP News
Posted: Oct 15, 2012 9:08 AM
US futures rebound after last week's sell-off

NEW YORK (AP) — Stock futures rebounded Monday after the worst trading week in more than four months, as retailers put up strong numbers and economists awaited more indications of rising optimism for other sectors.

Dow Jones industrial futures rose 50 points to 13,295. The broader S&P futures tacked on 7 points to 1,428.50. Nasdaq futures gained 17.50 points to 2,727.50.

Major indexes shed 2 percent last week as the U.S. earnings season opened with whimper. Companies ranging from Alcoa to Wells Fargo put up numbers that were hardly weak but still gave investors reason to pause.

On Monday, Citigroup easily beat Wall Street expectations for the third quarter, posting net income of $3.3 billion. Shares rose 2 percent before the market opened.

The Commerce Department released its retail sales numbers for September on Monday, revealing elevated consumer confidence and improvement in the job market. Consumers bought more cars, gasoline and electronics.

Retail sales rose 1.1 percent in September after a revised 1.2 percent rise in August, according to government figures. The revised August increase was the largest since October 2010.

At 10 a.m. Eastern, Commerce will release the latest report on business stockpiles, which analysts believe are on the rise along with business confidence.