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U.S.
crude was up 0.3 percent at $53.16 after a deal to limit supply
came into effect on Sunday, boosting expectations of higher
prices. [O/R]* The Dow Jones industrial average <.DJI> marked
its seventh straight week of gains on Friday, feeding on
optimism that President-elect Donald Trump's plans for
deregulation and infrastructure spending would bolster the
economy.
Investors are now looking for catalysts that would help the
index breach the 20,000 mark before the year end, and whether
the Trump rally has enough momentum to continue into the new
year.
A report at 10:00 a.m. ET is expected to show that the consumer
confidence index rose to 109 in December after hitting 107.1 the
previous month.
Trading volumes are likely to remain light due to the year-end
holiday season, and no Federal Reserve officials are scheduled
to speak until January.
Global markets made small gains on data that showed Chinese
industry racked up its strongest profit growth in three months
in November, suggesting the world's second-largest economy was
improving.
Biogen shares rose nearly 3 percent to $296 in light premarket
trading after the U.S. Food and Drug Administration (FDA) on
Friday approved its drug to treat spinal muscular atrophy, the
leading genetic cause of death in infants. * Ionis Pharma, which
has discovered the drug and licensed to Biogen, was up 6.9
percent at $57.11. * Amphastar Pharma <AMPH.O> fell 6.1 percent
to $19.19 after the drugmaker received a complete response
letter from the FDA for its asthma inhaler.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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