Futures Up on Bin Laden News; Dollar Fades
U.S. stock index futures rose ahead of the open for Wall Street Monday after news of the death of Osama Bin Laden.
However, some of the early exuberance faded. Dow futures are up about 76 points after rising more than 100 after the news.
The dollar shed earlier gains while U.S. crude slid more than 1 percent after the news. London Brent crude fell below $125 a barrel, while U.S. light crude fell to below $113.
In a late-night address on Sunday, President Obama said U.S. forces led an operation in which bin Laden was killed, and that "justice has been done."
The U.S. has issued a worldwide travel alert for its citizens, warning of "enhanced potential for anti-American violence" following the killing.
Asian stocks rallied, with the Nikkei briefly jumping above 10,000 points, while European shares traded higher.
Various markets in Asia and Europe are closed. Financial markets in China, Hong Kong, Singapore, Malaysia and Thailand are all shut for public holidays while the London Stock Exchange is also closed.
World leaders welcomed the news of bin Laden's killing, but UK Prime Minister David Cameron urged vigilance.
In other news, Warren Buffett told shareholders he made "a big mistake" by not questioning David Sokol's "inexplicable and inexcusable" trades.
In merger and acquisitions news, the board of Danisco recommended shareholders to accept a raised offer fromDuPont, which late Friday made its cash offer worth $6.64 billion
On the economic front, construction spending data for March and the ISM index for April will be released at 10 a.m.
Humana traded slightly lower despite reporting a 22 percent gain in first quarter profits, ahead of expectations.
And Chrysler, managed by Italian car maker Fiat,reported a first-quarter profit of $116 million, it's first gain since emerging from bankruptcy two years ago. Chrysler lost $197 million a year ago. Revenue rose to $13.1 billion in the first quarter.
In M&A news, Teva Pharmaceutical Industries gained after news it wouldbuy Cephalon, a specialty drugmaker for $81.50 a share or about $6.2 billion. Cephalon , which was also sought by Valeant Pharmaceuticals International, also gained.
On Tap This Week:
MONDAY: ISM manufacturing index, construction spending, Boeing shareholder meeting, first GOP Presidential debate, RIM capital markets day, Sirius XM Radio antitrust case; earnings from Humana, Anadarko, Chesapeake and Massey.
TUESDAY: Factory orders, auto sales, Bristol-Myers shareholder meeting, Nokia annual meeting, Wells Fargo shareholder meeting; earnings from Pfizer, Clorox, NYSE Euronext, MasterCard, Comcast and CBS.
WEDNESDAY: Weekly mortgage applications, Challenger job-cut report, Fed's Rosengren speaks, ADP employment report, ISM non-manufacturing index, oil inventories, Fed's Lockhart speaks; earnings from Anheuser-Busch, AOL, Kellogg, Electronic Arts, MetLife, News Corp, Transocean and Whole Foods.
THURSDAY: Bank of England rate announcement, European Central Bank announcement, chain store sales, jobless claims, productivity and costs, Treasury STRIPS, money supply; Fed Chairman Bernanke speaks, Fed's Kocherlakota speaks, UPS shareholder meeting, Verizon shareholder meeting; earnings from GM, Cigna, CVS, AIG, Kraft and Visa.
FRIDAY: Non-farm payroll report, consumer credit, Alcoa shareholder meeting, flash crash anniversary; earnings from Constellation Energy and Berkshire Hathaway.
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