US Stocks Surging oil, Yellen's comments drive futures higher

by **Cals** Sun 10 Apr 2016, 23:07

US Stocks

[size=28]Surging oil, Yellen's comments drive futures higher

By Reuters / Reuters | April 8, 2016 : 7:49 PM MYT

BENGALURU (April 8): U.S. stock index futures rose on Friday, boosted by a surge in oil prices and Federal Reserve Chair Janet Yellen's positive comments on the economy.

Crude rose more than 3% as encouraging economic indicators in the United States and Europe boosted hopes of rising demand.

Yellen, in a rare appearance with former Fed chairmen on Thursday, said the U.S. economy was on a solid course with some hints of inflation, putting the central bank on track for further rate hikes.

U.S. wholesale inventories in February are expected to have dipped 0.1%, from a 0.2% increase in the previous month. The report is due at 10 a.m. ET (1400 GMT).

New York Fed President William Dudley is slated to speak on the economy at 8:30 a.m. ET.

Wall Street closed lower on Thursday, as oil prices fell and fears about the global economic slowdown put pressure on the dollar against the yen.

The yen surged this week as uncertainty surrounding global growth and U.S. interest rates sent investors towards traditional safe haven assets.

Shares of Intercept Pharmaceuticals rose 5.2% to US$172.50 premarket, after U.S. Food and Drug Administration panel backed the accelerated approval of the company's liver drug.

Regeneron Pharma fell 4.1% to US$401.34, after Morgan Stanley cut its price target on the stock.

Yahoo rose 1.4% to US$36.67, after Bloomberg reported Verizon was planning a bid for the Internet company.

Futures snapshot at 7:09 a.m. ET:
* Dow e-minis were up 79 points or 0.45%, with 26,975 contracts changing hands.
* S&P 500 e-minis were up 10.75 points or 0.53%, with 214,035 contracts traded.
* Nasdaq 100 e-minis were up 24.75 points or 0.55%, on volume of 27,350 contracts.
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