U.S. Stock Futures Climb After China Cuts Interest Rates
By Tom Stoukas - Jul 5, 2012 7:12 AM ET
U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will extend a two- month high, as China reduced its benchmark interest rates.
S&P 500 futures expiring in September advanced 0.3 percent to 1,371.7 at 7:11 a.m. in New York after U.S markets were closed yesterday for the Independence Day holiday. Futures on the Dow Jones Industrial Average added 30 points to 12,897.
China cut benchmark interest rates for the second time in a month. The one-year lending rate will fall by 31 basis points and the one-year deposit rate will drop by 25 basis points effective tomorrow, the People’s Bank of China said.
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