U.S. stock futures on Monday extended the last session's rally on hopes of an imminent bailout of troubled bond insurer Ambac Financial Group Inc. (ABK), with Genentech Inc. (DNA) set to gain after the biotech won surprise backing for use of a cancer drug.
U.S. stocks ended higher on Friday, with hopes that several big banks will soon announce a bailout of bond insurer Ambac Financial driving gains. The Dow industrials ended up 96 points, the S&P 500 rose 10 points and the Nasdaq Composite rose 3 points.
That rally carried over to international markets, with the FTSE 100 up 1.7% in London and the Nikkei 225 jumping 3.1% in Tokyo.
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