NEW YORK – U.S. stock futures rose Monday, following markets higher across the globe after the European Union said it would lend Spain as much as $125 billion to save its banks.
Dow Jones industrial average futures gained 52 points to 12,555. Standard & Poor’s 500 futures added 5.5 points at 1,327.50, and Nasdaq composite futures rose 10.5 points to 2,567.50.
Spain is the flashpoint of the debt crisis in Europe and it’s viewed as potential source of economic contagion should its banks fail. It is the fourth EU nation, after Ireland, Greece, and Portugal, to seek a rescue.
The financial respite for Spanish banks, even with many economists doubtful about a lasting effect, sent France’s CAC-40 up 2.1 percent to 3,115, while the DAX in Germany surged the same rate to 6,262. The FTSE index of leading British shares rose1.3 percent to 5,508. Spain’s Ibex rose by an even stronger 2.5 percent.
The attention of the markets here and abroad will soon return to troubled Greece, however, where an election this weekend could determine if the country will bolt the EU. If Greece votes in candidates in favor of leaving the EU, Italy could be next.
Apple Inc. kicks off its worldwide developers’ conference in San Francisco on Monday and CEO Tim Cook is expected to show off new iPhone software. The company may also reveal new mapping technology that could bump Google map from its de facto spot on Apple products.
A service of YellowBrix, Inc.