Stocks set for positive open

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- U.S. stocks were set to open higher Monday, as investors weighed another deal involving insurer AIG.

Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were slightly higher.

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Futures measure current index values against perceived future performance and can offer an indication of how markets will open when trading begins in New York.

Wall Street rallied Friday after a government report showed that the economy lost fewer jobs in February than had been expected.

But with little in the way of economic news to sway investors one way or the other, trading could be choppy as the new trading week kicks off. The next major economic reports are unemployment claims, set for release Thursday, and retail sales on Friday.

When there is little in the way of news, "typically we get a market that gets its cues from what happening in the commodities market," said Art Hogan, chief market analyst at Jefferies & Co.

In commodities, oil futures gained 23 cents to $81.73 a barrel in electronic trade, while gold rose $4.40 to $1,137.50 an ounce.

The dollar rose versus the euro and fell against the yen.

Companies: AIG (AIG, Fortune 500) announced a deal to sell its international unit Alico to MetLife (MET, Fortune 500) for cash and stock valued at $15.5 billion.

"That's good news, but it wasn't unexpected," said Hogan.

AIG, which is majority-owned by the U.S. government following a massive bailout, agreed just last week to sell its Asian life insurance business to Britain's Prudential for $35.5 billion.

World markets: European markets wavered in morning trading. Britain's FTSE 100, France's CAC 40 and Germany's DAX all hovered around breakeven.

Asian shares rallied, with Japan's Nikkei and Hong Kong's Hang Seng both gaining 2%. To top of page

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General Electric Co 13.00 -0.16 -1.22%
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