* U.S. dollar slips, commodities rise
* Blackstone to list eight portfolio companies
* Index futures point to higher open
* For up-to-the-minute market news, click []
By Edward Krudy
NEW YORK, Oct 12 (Reuters) - U.S. stock index futures
pointed to a higher open on Monday as a softer dollar helped
boost commodity prices and, potentially, earnings of export
oriented U.S. companies.
In a possible sign of healthier capital markets, private
equity firm Blackstone Group <BX.N> is planning to list up to
eight of its portfolio companies, according to a source who
received a letter the firm sent to investors on Friday.
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The U.S. dollar fell against a basket of major currencies
<.DXY>, continuing its recent weakness that has helped bolster
U.S. stocks by lifting commodity prices and increasing the
dollar value of repatriated export earnings of U.S. companies.
"The dollar is weaker again, so that trade is on and
lifting commodity prices," said Peter Boockvar, equity
strategist at Miller Tabak & Co in New York. "The futures are
up, but gold is up so in non-dollar terms the market continues
to run in place even though we keep getting nominal gains."
Boockvar said that Blackstone's initial public offering
plans could be seen as a sign "the market has dramatically
healed" but said the move could also be a sign prices are
topping out as firms cash in on buoyant equity markets.
"I would not be taking the other side of a Blackstone
trade," he said.
S&P 500 futures <SPc1> rose 7.1 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> added 61
points, and Nasdaq 100 futures <NDc1> rose 9.75 points
Investors are looking ahead to a series of blue-chip
earnings reports this week, beginning on Tuesday with Intel
Corp <INTC.O> and Johnson & Johnson <JNJ.N> before other big
names such as International Business Machines Corp <IBM.N>,
Goldman Sachs Group Inc <GS.N>, General Electric Co <GE.N> and
Google Inc <GOOG.O> later in the week.
"It's going to be a market searching for direction this
morning but will have plenty of things to react to as the week
goes on," said Arthur Hogan, chief market analyst at Jefferies
& Co in New York.
Hogan also pointed to a plethora of economic data in the
week ahead, including retail sales and consumer sentiment.
On Nasdaq, Google edged up about 1 percent to $523 in
premarket trade. Thomas Weisel raised its price target on the
stock to $620 from $530 with an "overweight" rating.
Crude oil <CLc1> pushed higher above $73 a barrel,
extending last week's gains, helped by growing optimism about
the pace of the global economic recovery and a positive demand
forecast from the International Energy Agency.
U.S. stocks rose every day last week in their best weekly
run in three months, and Dow industrials reached a new 2009
closing high on Friday as companies prepare to present their
quarterly scorecards.
(Editing by Padraic Cassidy)
