Stocks are higher today, continuing to bounce from the bottom of their recent range.
S&P 500 futures are up 0.7 percent, while most of Europe is up 2-3 percent. Asian markets rose 1-2 percent overnight, bolstered by last week's late rally in the United States.
The S&P 500 surged 1.4 percent Friday, clawing back from a drop of more than 1 percent after non-farm payroll growth missed expectations. Interest rates and the U.S. dollar fell on the news as investors looked for the Federal Reserve to delay rate increases.
The index has been rebounding from the same 1870 area where it bounced from a sharp drop in late August. Sentiment has been hurt by weakness in China and a U.S. manufacturing slowdown, but it's been partly offset by strong consumer trends.
The Institute for Supply Management's service-sector index at 10 a.m. ET is today's only economic report. The agenda is relatively quiet the rest of the week, though corporate earnings begin to flow. (See researchLAB's interactive calendar for more)
Consumer-related stocks have been the strongest major sector recently. Energy and materials surged from long-term lows last week and may continue higher today after European mining giant Glencore rebounded from a panic selloff.
In other company-specific news, General Electric rallied 4 percent after Trian Fund Management disclosed taking a stake in the industrial giant. Potash Corp. of Saskatchewan gained a similar amount after abandoning efforts to buy Germany's K+S AG. RBC also issued a pair of downgrades in the chip-equipment space, cutting Applied Materials and Lam Research. Juniper Networks, the target of bullish call buying Friday , was upgraded by Stifel Nicolaus.
Oil rose 1 percent and copper gained half a percent, while precious metals are down fractionally. Currencies are mostly little-changed, aside from the Australian dollar rebounding from long-term lows.
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