Wall Street headed for a huge rebound Monday

Wall St. heads for higher openRTGAM

Wall Street headed for a huge rebound Monday as investors, hoping that the stock market is finding some footing after eight sessions of devastating losses, sent stock futures sharply higher.

The market appeared relieved by pledges of further co-ordinated actions by European and U.S. authorities to aid the crippled banking system, including plans by the Treasury to buy U.S. bank stocks.Dow Jones industrial average futures rose 348, or 4.2 per cent, to 8,718. Standard & Poor's 500 index futures rose 42.90, or 4.81 per cent, to 933.90. Nasdaq 100 index futures rose 56.50, or 4.41 per cent, to 1,339.00.

Investors in Asia and later Europe were already buying, grabbing stocks after last week's rout and action by major governments over the weekend to bolster investor confidence.Overseas, Hong Kong's Hang Seng index surged 10.2 per cent.


Markets in Japan were closed for a holiday. In afternoon trading, Britain's FTSE 100 jumped 3.83 per cent, Germany's DAX index rose 6.84 per cent, and France's CAC-40 jumped 4.37 per cent.Copyright 2001 The Globe and Mail