Stock futures signal early gains
December 3, 2012 9:35 PM EST
Stock futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.12 percent, Dow Jones futures up 0.15 percent and Nasdaq 100 futures up 0.4 percent at 3.43 a.m. EST.
European stocks rose in morning trade, with resource-related shares buoyed by improving manufacturing data from China. <.EU>
The final reading of HSBC's China manufacturing Purchasing Managers' Survey (PMI) rose to 50.5 in November from 49.5 in the previous month, the first time since October 2011 that it has topped the 50-point mark that separates growth from contraction.
HSBC's data followed a similar survey from the National Bureau of Statistics released on Saturday that showed the pace of growth in the manufacturing sector quickening. The official PMI rose to a seven-month high of 50.6 for November from 50.2 in October.
With barely a month left before they reach the "fiscal cliff" Republicans and Democrats remained far apart on Friday in talks to avoid the across-the-board tax hikes and spending cuts that threaten to throw the country back into recession.
U.S. Treasury Secretary Timothy Geithner pushed Republicans on Sunday to offer specific ideas to cut the deficit, and predicted that they would agree to raise tax rates on the rich to obtain a year-end deal and avoid possible economic doom.
Three top Federal Reserve officials offered sharply different takes on Saturday on the U.S. central bank's unprecedented efforts to push down long-term borrowing costs, highlighting what may be some key themes at the Fed's upcoming policy-setting meeting.
Bank of America Corp
U.S. gravel producer Martin Marietta Materials Inc
The S&P 500 wrapped up its fifth positive month in the last six on Friday, although it ended the day flat as politicians remain at odds about how to avoid the cliff.
The Dow Jones industrial average <.DJI> rose 3.76 points, or 0.03 percent, to 13,025.58 at the close. The S&P 500 <.SPX> gained a mere 0.23 of a point, or 0.02 percent, to finish at 1,416.18. But the Nasdaq Composite Index <.IXIC> dipped 1.79 points, or 0.06 percent, to end at 3,010.24.
(Reporting by Blaise Robinson; Editing by John Stonestreet)