* MSCI global equities index at highest since October
* Crude futures rise above $74 per barrel
(Updates prices, adds to analyst quote)
NEW YORK, Aug 24 (Reuters) - U.S. stock index futures rose
on Monday after four straight positive sessions for Wall
Street, as global stocks hit 10-month highs on hopes that the
U.S. economy will soon start to recover from recession.
U.S. stocks ended last week at 2009 highs after a
surprising rise in home sales and optimistic comments from
Federal Reserve chief Ben Bernanke reassured investors about
the prospects for an economic recovery.
"There's not a great deal of economic data or new news, so
I think the biggest driver in today's market, at least in the
early trade, is momentum and that momentum is positive," said
Art Hogan, chief market analyst at Jefferies & Co in Boston.
"You don't want to get in the way of this rally. It is
happening whether you like it or not, whether you believe in
its fundamentals, and there's not much around to stop it
today."
S&P 500 futures <SPc1> rose 3.1 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. Dow Jones industrial average futures <DJc1> gained 38
points while Nasdaq 100 futures <NDc1> added 2.0 points.
Elsewhere, the MSCI world equity index <.MIWD00000PUS> rose
0.8 percent to reach levels not seen since early October.
Crude oil futures <CLc1> rose 0.3 percent to $74.10, adding
to gains after settling at a 10-month high on Friday, supported
by expectations that an economic recovery would spur demand for
oil.
However, Nouriel Roubini, one of the few economists who
accurately predicted the magnitude of the world's recent
financial troubles, sees a "big risk" of a double-dip
recession, according to an opinion piece posted on the
Financial Times Web site on Sunday. []
On the economic data front, the Federal Reserve Bank of
Chicago releases its Chicago Fed National Activity Index for
July at 8:30 a.m. (1230 GMT). The index read -1.8 in June. At
noon (1600 GMT), the Chicago Fed will also release its Midwest
Manufacturing Index for July. The index read 78.1 in June.
Warner Chilcott <WCRX.O>, a specialty drugmaker, is
acquiring Procter & Gamble Co's <PG.N> prescription drug
business for about $3 billion, two sources familiar with the
matter said Sunday. For details see [].
Quanta Computer, the world's largest contract laptop PC
maker, forecast stronger-than-expected growth Monday, further
boosting hopes that tech demand is returning as the global
economy recovers. []
U.S. regulators Friday closed Texas lender Guaranty Bank
and sold its assets to Banco Bilbao Vizcaya Argentaria,
allowing Spain's second-largest bank to expand its reach in the
U.S. market.
(Editing by Chizu Nomiyama)
