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U.S. equity futures are starting a new week continuing the rally that was set off on Friday following the better-than-expected jobs report.
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The major futures indexes are pointing to a gain of 0.2 percent at 12:15 a.m. ET.
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Oil rose as high as 2 percent on Sunday night, touching a 3-month high and trading above $40 for the first time since March 6. The gains come as OPEC, Russia and others agreed to extend record output cuts until the end of July. Also supporting prices was the fact that about one-third of oil production in the Gulf of Mexico was cut because of Tropical Storm Cristobal.
U.S. crude has trimmed gains adding 42 cents to $39.97, while Brent crude, the international benchmark added 63 cents to $42.93.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 27110.98 | +829.16 | +3.15% |
| SP500 | S&P 500 | 3193.93 | +81.58 | +2.62% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9814.080606 | +198.27 | +2.06% |
Stocks skyrocketed on Friday after data showed the country added 2.5 million jobs in May, boosting optimism about an economic recovery. The Dow Jones Industrial Average jumped 3.2 percent or more than 800 points.
The S&P 500 advanced 2.6 percent and the Nasdaq Composite added 2.1 percent, closing just off of a record.
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In Asia, Japan’s economy is still in recession but contracted at a smaller rate than initially estimated for the first quarter, according to government data released Monday. The Cabinet Office said the economy shrank at an annual rate of 2.2 percent in January-March, better than the 3.4 percent contraction given earlier.
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In Japan, the Nikkei traded 1.2 percent higher, Hong Kong’s Hang Seng added 0.2 percent and China’s Shanghai gained 0.3 percent.
The Associated Press contributed to this article.
