closest to the pin - tues 23/06/09, page-24

June 23 (Bloomberg) -- U.S. stock futures rose, indicating the Standard & Poor’s 500 Index may rebound from the steepest drop in two months, as higher metals prices boosted commodity producers and economists forecast home resales gained.

Alcoa Inc., the largest U.S. aluminum producer, and Freeport-McMoRan Copper & Gold Inc., advanced in Germany with higher aluminum and copper prices. Citigroup Inc. and Bank of America Corp. climbed before The National Association of Realtors’ report. Motorola Inc. rose after Bank of America Corp. advised buying the shares.

Futures on the S&P 500 expiring in September added 0.4 percent to 892 as of 9:47 a.m. in London. Dow Jones Industrial Average futures climbed 0.3 percent to 8,310 and Nasdaq-100 Index futures increased 0.3 percent to 1,432.25. Shares in Europe fluctuated, while Asian stocks fell.

“We have exaggerated to the downside over the last few days,” said Claudio Meiger, who manages about $100 million at Basel, Switzerland-based CIC Schweiz AG. “We’re seeing a stabilization in the housing market and the focus will now be on the U.S. consumer.”

[could be good for PNA tomorrow as well]