Markets Up, Oil Down

U.S. stocks are expected to rally Monday morning in response to the news of Osama bin Laden’s death, with markets in Japan and South Korea already jolting upward overnight.

Futures for the Dow Jones Industrial Average were up between 0.5 and 1 percent since President Barack Obama announced the news in a late night speech. Nasdaq and S&P 500 index futures are also up, buoyed by the news.

Values of the dollar and euro have been up by less than one percent throughout much of the day, while crude oil prices for June delivery have fallen in the range of about $2 per barrel.

In Japan, the Nikkei Stock Average rose 1.6 percent to 10,004.20, edging it over 10,000 for the first time in six weeks. South Korea’s Kospi was up 1.7 percent on the day. Markets throughout much the rest of Asia were closed for holidays, and Japan’s market will be closed until Friday.
(via Politico)