Stock futures jump on Geithner's plan to buy toxic assets

U.S. stock futures rallied Monday morning, indicating Wall Street could find new momentum to keep the general rally of the past two weeks going. Investors' sentiment improved greatly ahead of today's formal unveiling of the Obama administration's plan to clear as much as $1 trillion of the toxic debt off bank balance sheets.

Financials will be in focus today in light of the newest effort to heal the hard-hit sector and restore bank and consumer lending. If it works, the program, which might create a new government entity for this purpose and enlist private investors, could clear the securities and loans at the root of the current crisis. But the plan is also drawing some criticism from investors and academics as it comes with too many strings attached and is unlikely to stimulate lending industrywide, some say.

Meanwhile, overseas, world stock markets soared Monday ahead of the U.S. announcement regarding the $1 trillion in toxic bank assets plan, and also reacted to Japan signaling more stimulus measures to resuscitate the world's second-largest economy.

Oil, too, has continued its recent rally as oil prices rose above $52 a barrel Monday, boosted by stronger Asian stock markets.

Only one indicator is due out today according to February existing home sales data will be released at 10:00 a.m. ET, with economists expecting a further decline in sales from January. The recent housing data from last week, however, surprised on the upside.

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