U.S. stock index futures pointed to a higher open on Monday, as the outlook for corporate earnings lifted investor optimism about the potency of an economic recovery.
Newspaper publisher Gannett Co Inc
Through October 16, 61 companies in the S&P 500 have reported earnings, with 79 percent of those results above analyst expectations, according to data compiled by Thomson Reuters.
People come in, investors come in, they buy the market and they buy the market because they are anticipating a strong finish for the year, said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
We are starting to see -- it's earnings, yes, but it's also a year end play.
S&P 500 futures rose 5.40 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 48 points, while Nasdaq futures gained 8.25 points.
Diversified manufacturer Eaton Corp
Other key earnings on tap include iPhone maker Apple Inc
U.S. stocks dropped on Friday after disappointing results from General Electric Co
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)