Wall Street points to higher open; Dow futures jump 200 points

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Investing.com - U.S. stock markets pointed to strong gains at the open on Monday, with the Dow futures briefly jumping more than 200 points as a rebound in oil prices boosted market sentiment.

The blue-chip Dow futures climbed 191 points, or 1.16%, by 11:55GMT, or 6:55AM ET, the S&P 500 futures rose 23 points, or 1.16%, while the tech-heavy Nasdaq 100 futures advanced 53 points, or 1.26%.

The dismal fourth quarter U.S. earnings season is starting to wind down, with the S&P 500 facing an earnings drop of more than 3% for the quarter. Earnings due Monday include, Allergan (N:AGN_pa), Fitbit Inc (N:FIT), Motorola Solutions (N:MSI) and Dean Foods Company (N:DF).

There is no major data scheduled for Monday, nor any Federal Reserve speakers.

Elsewhere, European stocks jumped to a two-week high as a rally in oil prices calmed investor nerves after the recent commodity rout.

In Asia, Chinese shares led gains across the region in the wake of news that authorities were replacing China's beleaguered securities chief.

Appetite for riskier assets improved as oil prices rallied more than $1 on Monday, rebounding from the previous session's steep declines amid indications U.S. oil drillers are cutting back on production.

Meanwhile, gold futures crashed almost $30, or 2.5%, as the metal's safe-haven appeal was dented amid a recovery in oil prices and global equity markets.

In the currency market, the British pound was on track for its biggest one-day drop since May 2010 after London Mayor Boris Johnson's shock decision to back a campaign for Britain to leave the European Union in a June referendum.

The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.62% at 97.22, the highest since February 8.

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This article appears in: Investing , Forex and Currencies

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