US STOCKS-Futures rise as market recovery gains momentum

lunes 21 de marzo de 2016 07:16 GYT

* Futures up: Dow 23 pts, S&P 2.25 pts, Nasdaq 7.50 pts

By Abhiram Nandakumar

March 21 (Reuters) - U.S. stock index futures were higher on Monday as stocks continued to recover from a brutal selloff that had gripped the market for most of the year.

* Global stocks rose, led by gains in Chinese shares. Top Chinese officials said on Sunday that the world's second largest economy was showing signs of improvement.

* Crude prices fell amid uncertainty about major exporters reaching an agreement to freeze production and signs of U.S. producers increasing drilling activity.

* The U.S. Federal Reserve's accommodative move last week to cut back on the number of rate hikes this year to two helped push stocks higher.

* The S&P 500 on Friday turned positive for the first time in 2016, closing up 0.25 percent, recovering from a more than 10 percent fall earlier in the year.

* Investors will now look for signs that the U.S. economy continues to recover, with expectations for corporate earnings improving and commodity prices edging up, even as weak global conditions casts a pall on sentiment.

* Data on Monday includes U.S. existing home sales, which are expected to have dropped 2.2 percent in February. The report is due at 10 a.m. ET (1400 GMT).   Continuación...