US stock futures rise in the face of Greece’s troubles

by Paul Wilson | Tuesday, Jan 24, 2012 | 388 views

The US stock futures are having a good going as investors’ attention is focused  on Europe’s troubles. Greece’s negotiations with creditors has hit an impasse and oil services major Halliburton Co. is expected to report its earnings before the bell.

The futures on Standard & Poor’s  500  index went down 0.1 point to 1,310.70 whereas the Dow Jones Industrial Average rose 5 points to 12,641. The Nadaq composite too rose 2 points to 2,437.

The current week is the third in a straight which has seen the Wall Street lapping up gains. As on Friday, the Dow Jones Industrial Average finished at 12,720.48, a 2.4% gain on a weekly basis. It rose 96.5 points or 0.8%.

The market was expecting Europe’s sovereign debt crisis to hit the market as no economic data was coming out of the U.S. and a light corporate earnings schedule was also lined up.

The Friday gains was result of the optimism surrounding the deal between Greece and its creditors. It was being hoped that the credit-swap deal aimed at preventing Greece from defaulting on a March 20 bond repayment would be decided by Monday’s meeting of European finance ministers in Brussels.

Charles Dallara, managing director of the Institute of International Finance and lead negotiator for Greek-debt holders, said on Sunday that those creditors have made the “maximum offer” on losses they will bear.

According to media reports, he said it’s now in the hands of the European Union and International Monetary Fund to decide whether the deal should be accepted.

Europe stocks rose slightly as markets looked to the Ecofin meeting for news on Greece. The Stoxx Europe 600 index went up 0.3% to 256.70 whereas the U.S. dollar index, which gauges the greenback’s performance against a basket of six other currencies, rose to 80.199 from 80.148 in late North American trade on Friday.

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