U.S. stocks set to gain early Monday as investors cheer capture of deposed Iraqi leader.
December 15, 2003: 5:35 AM EST
NEW YORK (CNN/Money) - Saddam Hussein's capture sent stock futures rallying early Monday, indicating a strong open for U.S. stock markets already cheering the Dow industrials being above 10,000.
At 5:30 a.m. ET, Nasdaq futures were up nearly 2 percent, and S&P futures were more than 1 percent higher.
Saddam's capture sent overseas stock markets and the dollar soaring early Monday, while gold and oil tumbled.
The world got the news early Sunday about Saddam's capture in a pit on a farmhouse near Tikrit, and there was little doubt the initial reaction from Wall Street would be positive. But whether that positive vibe lasts will be determined by the level of violence against U.S. forces and Iraqi civilians -- there were two more suicide bombings Monday that left at least six people dead -- with some wary about the casualty count that has mounted since the war that toppled Saddam began in March.
"There will be some early applause from Wall Street, but it will be subdued because there is a long road ahead," said Hugh Johnson, chief investment officer at First Albany Corp., told Reuters Sunday. "It does not signal the end of terrorist attacks both around the world and in the United States."
Click here for details of Friday's advance
Asian-Pacific markets mostly cheered the capture, with Tokyo's Nikkei index closing up 3.2 percent Monday. European stocks got off to a positive start. (Check the latest on world markets)
Saddam's capture had a big impact on other markets,
Treasury prices fell in early trading, sending the 10-year note yield up to 4.28 percent from 4.24 percent late Friday. The dollar bounced off its against the euro, and was slightly higher versus the euro.
Brent oil futures slid 39 cents to $29.78 a barrel in London, where gold was down more than $4 an ounce but still above the $400 level.
The Dow Jones industrial average starts a week above 10,000 for the first time since May 28, 2002 after rallying 0.3 percent Friday to 10,042. The Nasdaq composite index, which briefly touched 2,000 nearly two weeks ago, starts at 1,949 after a 0.3 percent gain Friday (see chart for details).
Among U.S. stocks trading in Europe, Oracle (ORCL: Research, Estimates) was up more than 1.5 percent. The maker of business software reports quarterly results after the close of trading, with analysts surveyed by First Call expecting a profit of 11 cents a share, up from 10 cents a year earlier. Analysts will be closely watching Oracle's licensing revenue, which will be a signal of how much of its software it's actually selling to businesses.
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