(Repeats for additional readers)
* No euro debt solution at Oct summit-German finmin
* Citigroup, Wells Fargo quarterly earnings rise
* Futures off: Dow 15 pts, S&P 2.5 pts, Nasdaq 5.5 pts
* For up-to-the-minute market news see [STXNEWS/US]
By Edward Krudy
NEW YORK, Oct 17 (Reuters) - U.S. stock index futures fell on Monday after the market's best two-week run since 2009 as Germany's finance minister said a forthcoming summit would not yield a definitive solution to Europe's debt crisis.
European governments will not resolve the region's sovereign debt crisis at a European Union summit on Oct. 23, German Finance Minister Wolfgang Schaeuble said. The summit is scheduled for Oct. 23 and stocks had run up partly in anticipation of it. For details, see [ID:nB4E7LA00A]
The S&P 500 has risen more than 8 percent in the first back-to-back winning weeks since July. The index has approached the top of a two-month trading range on hopes the global economy can dodge a new recession and the euro zone will resolve its debt crisis and recapitalize its banks.
"We have moved from risk on (to) risk off, from Europe on (to) Europe off," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. "We have had nothing but a series of innuendoes and hints that something is coming all along. We have had little in the way of definitions."
S&P 500 futures
Peter Cardillo, chief market economist at Rockwell Global Capital in New York, said the S&P 500 was running into resistance near the 1,250 level. The index closed at 1,224.58 on Friday. "If we get through that than it will take us into a higher new trading range as we go forward," he said.
Events in Europe over shadowed a big M&A action. Kinder
El Paso's shares rose almost 30 percent to $24.85 in premarket trading.
Corporate earnings kicked into high gear, with Citigroup
International Business Machines Corp
The Federal Reserve releases industrial production and capacity utilization data for September at 9:15 a.m. EDT (1315 GMT). Economists looked for a 0.2 percent increase in production, unchanged from the previous month and a reading of 77.5 percent for capacity utilization, versus 77.4 percent. (Editing by Jeffrey Benkoe)
Add a Comment