Dow futures rise as UBS bails out Credit Suisse
By Oliver Gray
Investing.com - U.S. stock futures were trading higher during Sunday's evening deals as investors monitored increased pressure on the financial sector following reports that embattled bank Credit Suisse (SIX: CSGN ) has been bought out by UBS Group AG (SIX: UBSG ) for $3 billion Swiss francs (US$4.8 billion) in a government-backed deal.
By 18:35 ET (22:35 GMT) Dow Jones futures were up 0.2%, while S&P 500 futures and Nasdaq 100 futures gained 0.2% apiece.
Ahead in the week, market participants will be closely monitoring the Fed's interest rate decision amid expectations of a 25 basis point hike. Meanwhile, new and existing home sales, building permits , durable goods orders , manufacturing and services PMIs, as well as a speech from FOMC member Bullard .
During Friday's trade, the Dow Jones Industrial Average fell 384.6 points or 1.2% to 31,862, the S&P 500 lost 43.6 points or 1.1% to 3,916.6, and the Nasdaq Composite fell 86.8 points or 0.7% to 11,630.5. For the week, the Dow added 0.1%, the S&P 500 added 2.1%, and the Nasdaq gained 5.3%.
On the bond markets, United States 10-Year rates were at 3.436%.
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It's trapLike 0
Just a patch up deal.Like 0
@UBS @CreditSuisse deal is very very bad deal. #NoConfidenceonBanking #NOGutsNoGlory “This was the only possible solution,” Swiss Finance Minister Karin Keller-Sutter said. #HistoricalMove #Banknifty #Nifty #NegativeNews #NegativeDeal #NotaworthyDeal #FinancialMarketCollapsedLike 3
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