Stock Futures Point to a Wall Street Rebound
NEW YORK ( TheStreet) -- Stock futures were rising Friday, pointing to a rebound after two sessions of deep, Federal Reserve -related selloffs that culminated in the largest drop in equity prices since November 2011 and led to an environment for bargain-hunting.
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Futures for the S&P 500 were rising 12.5 points, or 15.11 points above fair value, to 1,596.5. Futures for the Dow Jones Industrial Average were gaining 93 points, or 113.68 points above fair value, to 14,794. Futures for the Nasdaq were adding 18.75 points, or 15.42 points above fair value, to 2,898.75.
The economic calendar is empty Friday.
Friday is a quadruple-witching day of futures and options contracts expirations, which could bring greater than normal volume and volatility.
U.S. stock markets plunged the most in 19 months Thursday on fears the Fed plans to reduce the bond-buying that has fueled equity markets for more than a year and kept mortgage rates at historic lows.
"Markets don't like change and you are seeing that evidenced in the selloff of the last few days," Greg Sarian, the Philadelphia-based managing director and partner of the Sarian Group at HighTower, wrote in an email. "What investors are not paying attention to is the very reason the Fed is considering a change in policy is that the economy is slowly but surely getting better."
The Tokyo District Court issued a partial verdict Friday in favor of Apple in the case that centered on "bounce-back" technology for scrolling on devices. Damages weren't announced.
Sprint's $5-a-share offer and the bid's acceptance from a special committee of Clearwire's board indicates that Sprint is trying to finish its merger ahead of key shareholder meetings through June. The revised offer, a 47% premium from Sprint's last $3.40-a-share bid for Clearwire, also signals the company is caving to pressure from Dish.