Stock Futures Climb After Italy Passes Debt-Reduction Measures

As of 7:55 a.m. ET, Dow Jones Industrial Average futures jumped 80 points to 11,935, S&P 500 futures gained 10 points to 1,248 and Nasdaq 100 futures rose 17.5 points to 2,321. Investors seem relieved to see the Italian Senate passing a debt-reduction measure.

European blue chips jumped 1.2%, while the euro climbed 0.3% to $1.364. Meanwhile, the U.S. dollar fell 0.18% against a basket of six world currencies. the English FTSE 100 climbed 0.66% to 5,481 and the German DAX rallied 1.2% to 5,939. In Asia, the Japanese Nikkei 225 edged 0.16% higher to 8,514 and the Chinese Hang Seng jumped 0.91% to 19,137.

Gold rose $10.70, or 0.63%, to $1,771 a troy ounce. U.S. government debt markets are closed for the Veterans Day holiday.

In energy markets, crude oil prices are heading back toward the $100 mark after moderating in recent weeks. The benchmark WTI contract traded in New York climbed 14 cents, or 0.14%, to $97.92 a barrel. Wholesale RBOB gasoline fell 3 cents, or 1%, to $2.61 a gallon.

While trying to avert a complete euro zone meltdown, President Obama spoke with German Chancellor Angela Merkel and French President Nicolas Sarkozy, and then called Italian President Giorgio Napolitano. U.S.Treasury Secretary Timothy Geithner put out calls demanding fast action to avert a crisis. The Italian Senate passed the measures needed to institute debt-reduction. Prime Minister Silvio Berlusconi has promised to resign once the law receives final parliamentary approval.

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Danny is the old hat at Active Investor. One of the been around the block a few times traders, his main focus is on overall market conditions. Be it some new merger talk or Washington being Washington, you can expect Danny will be on top of it.
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