* Commodity-related stocks bounce as US dollar dips
* Speculation grows that Greece will grab lifeline
* Futures up: Dow 22 pts, S&P 500 2.6 pts, Nasdaq 5 pts
(Recast first paragraph, adds quote, updates prices)
By Ellis Mnyandu
NEW YORK, April 9 (Reuters) - U.S. stocks headed for a
higher open on Friday, underpinned by a rise in commodity
prices, as the U.S. dollar retreated amid speculation that
debt-laden Greece would tap a financial lifeline.
But with few economic indicators due Friday, trading volume
will likely be light, and there could be some profit-taking
ahead of the weekend.
Overseas stock markets were also higher, partly on the back
of the optimism fueled by signs of stabilization in U.S.
consumer spending and on hopes for Greece.
Among early gainers, Exxon Mobil Corp <XOM.N> shares rose
0.4 percent to $68.14 before the bell, while Freeport-McMoRan
Copper and Gold Inc <FCX.N> climbed 0.8 percent to $86.70.
Shares of J. C. Penney Co Inc <JCP.N>, a major U.S.
retailer, jumped 3.3 percent to $32.01 premarket after Goldman
Sachs added the stock to a list of recommended buys.
The U.S. dollar index <.DXY> slipped 0.1 percent while the
euro rose broadly on speculation Greece may may soon grab a
lifeline from the European Union and the International Monetary
Fund to help repay its ballooning debt. Worries about Greece
have raised concerns about the stability of the euro. For
details, see []
"Greece, that's the drama that's been going on for weeks.
The market assumes that the situation at this point will be
resolved," said Rick Meckler, president of LibertyView Capital
Management in New York.
"But I think the most dominating aspect of this market is
the continued low interest rates, which leaves investors few
choices about where to go to earn a return and gives them
confidence that staying in the stock market is a better
alternative than anything else."
S&P 500 futures <SPc1> rose 2.60 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 19
points, and Nasdaq 100 futures <NDc1> added 5 points.
Gold rose to three-month highs in Europe, while U.S.
front-month crude <CLc1> added 0.7 percent.
U.S. stocks gained Thursday after surprisingly strong March
retail sales boosted optimism the economic recovery is on
track.
The benchmark S&P 500 <.SPX> has rallied 75.4 percent since
hitting bottom in March 2009. Recently it has come up against
some formidable resistance in the 1,180 area, while the Dow
Jones industrial average <> faces key resistance at the
11,000 level -- a point it last surpassed in September 2008.
Heading into Friday's session, the S&P 500 will have to
hold key support around the 1,175 level to keep the uptrend
line from the Feb. 5 intermediate low intact, according to
Reuters data. It closed at 1,186.44 on Thursday.
(Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)
