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US STOCKS-Futures rise on toxic asset plan reports
Sun, 22nd Mar 2009 22:26
NEW YORK, March 22 (Reuters) - S&P 500 stock index futures rose at the start of electronic trading on Sunday after media reports detailed the U.S. Treasury's three-pronged bid to cleanse the financial system of 'toxic' assets clogging banks' balance sheets.
The latest plan is aimed at banks and insurance companies given their large holdings of mortgages and other hard-to-price assets. The S&P financial index has fallen 61 percent since the collapse of Lehman Brothers in September 2008.
S&P 500 futures rose 4.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
((Wall Street Newsdesk Telephone: +1 646-223-6110)) Keywords: MARKETS STOCKS
(Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The latest plan is aimed at banks and insurance companies given their large holdings of mortgages and other hard-to-price assets. The S&P financial index has fallen 61 percent since the collapse of Lehman Brothers in September 2008.
S&P 500 futures rose 4.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
((Wall Street Newsdesk Telephone: +1 646-223-6110)) Keywords: MARKETS STOCKS
(Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
