* Chinese imports, exports jump in November
* Netflix gains, to be included in S&P 500
* Futures up: S&P 4.9 pts, Dow 25 pts, Nasdaq 7.75 pts
* For up-to-the-minute market news see []
(Writes through, adds details, quote, byline)
By Leah Schnurr
NEW YORK, Dec 10 (Reuters) - U.S. stock index futures rose
on Friday following encouraging data out of China and as a
two-year high in the S&P 500 had investors betting on a
year-end rally.
A slew of data showed China's imports and exports jumped in
November, bank lending topped forecasts and property investment
powered ahead. As well, China increased the reserve requirement
for banks but kept interest rates on hold. For details, see
[]
The move was a milder form of monetary tightening after
expectations that China could raise rates to rein in its
red-hot economy, though a rate hike was still possible.
Shares of Netflix Inc <NFLX.O> jumped after Standard &
Poor's said the movie rental company along with F5 Networks Inc
<FFIV.O> and Newfield Exploration Co <NFX.N> will replace
Office Depot Inc <ODP.N>, New York Times Co <NYT.N> and Eastman
Kodak Co <EK.N> in the S&P 500.
As well, Cablevision Systems Corp <CVC.N> will replace King
Pharmaceuticals Inc <KG.N>, which is being bought by Pfizer Inc
<PFE.N>. []
Netflix rose 5.2 percent to $201.00 in premarket trading,
F5 climbed 4.6 percent to $145.30 and Newfield Exploration
gained 4.8 percent to $73.37.
Stocks closed slightly higher Thursday, with the S&P 500
ending at a two-year high, a trend investors expect to continue
through the rest of the year. The Nasdaq closed at its highest
level since December 2007.
Andre Bakhos, director of market analytics at Lek
Securities in New York, said investors were optimistic the
recent surge in financials could help propel the market
higher.
After lagging the rally in September and October, the S&P
financial index <.GSPF> has jumped 8.1 percent since the
beginning of the month.
"Investors have waited for financials to join the party,
and we are now starting to see that," said Bakhos.
* S&P 500 futures <SPc2> rose 4.9 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. Dow Jones industrial average futures <DJc2> gained 25
points, while Nasdaq 100 futures <NDc2> added 7.75 points.
The S&P closed above 1,228, a resistance level that
represents the 61.8 percent Fibonacci retracement of the
2007-2009 bear market slide, a key technical level that has
proven to be an obstacle in recent sessions.
On the data front, international trade data for October is
due at 8:30 a.m. EST (1330 GMT) and is forecast a $43.6 billion
deficit, compared with a $44 billion deficit in September.
Preliminary December consumer sentiment index is also on
tap at 9:55 a.m. EST (1455 GMT) with a reading of 72.5
expected, compared with 71.6 in the final November report.
Tenet Healthcare Corp <THC.N> surged 46.9 percent to $6.30
after Community Health Systems Inc <CYH.N> offered to buy it
for $3.3 billion, but Tenet rejected the bid. Community Health
was down 3.6 percent at $30.50 in light volume.
[]
A tentative compromise between U.S. President Barack Obama
and congressional Republicans to extend tax breaks hit
opposition from prominent Democrats, but failed to rattle
investors Thursday. []
(Editing by Jeffrey Benkoe)
