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US stocks look to open higher on Citigroup plan

(Agencies)
Updated: 2008-11-24 23:33

The Treasury bill market showed continuing high demand, a sign of investors' caution. The yield on the three-month T-bill, considered one of the safest investments, fell to 0.02 percent from 0.04 percent late Friday.

The dollar was mixed against other major currencies, while gold prices rose.

Related readings:  US Stocks open higher after steep sell-off  US stocks dive to 7550, erasing 10 years' gains  US stocks plunge for third straight session  US stocks tumble, lose 10% in 2-day rout

In economic news, The National Association of Realtors is expected to report that sales of existing homes fell 2.5 percent in October as the economy weakened further and as the stock market tumbled.

Sales are expected to fall to a seasonally adjusted annual rate of 5.05 million units for October, a decline from 5.18 million units in September, according to economists surveyed by Thomson Reuters. The report is due at 10 a.m. EST.

In corporate news, Citi shares jumped $2.08, or 55 percent, to $5.85 in premarket electronic trading after the bailout was announced.

Health care company Johnson & Johnson said Monday it would acquire Omrix Biopharmaceuticals Inc. for $438 million. The move is aimed at expanding J&J's surgical product unit; J&J will pay $25 per share for the company, an 18 percent premium over Omrix's close Friday of $21.16.

J&J rose 96 cents, or 1.7 percent, to $59.31 in premarket trading.

Hong Kong's Hang Seng index fell 1.59 percent; markets in Japan were closed for a holiday. In afternoon trading, Britain's FTSE 100 rose 4.44 percent, Germany's DAX index rose 3.30 percent, and France's CAC-40 rose 4.32 percent.

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