Stocks set to extend rally into new week
NEW YORK (AP) – Stock futures rose modestly Monday as investors look to extend a rally that pushed the Dow Jones industrial average above 11,000 for the first time since early May.
Traders in recent days have been betting the Federal Reserve will act in the coming weeks to stimulate the economy and drive interest rates lower. The Fed could act as early as its meeting in early November to resume a program to buy Treasury bonds. Lower rates on bonds make stocks a more attractive investment.
The bond market was closed Monday for the Columbus Day holiday.
The Dow has risen five of the past six weeks and is now 1.8 percent from its highest level of the year.
Traders will get key economic reports at the end of the week, including data on inflation, retail sales and consumer sentiment, that could further sway trading. Earnings season also picks up with industry bellwethers Intel Corp., JPMorgan Chase & Co. and General Electric Co. releasing quarterly results.
No major economic or earnings reports are due out Monday.
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