US STOCKS-Futures advance on commods strength, weak dollar

                                
   * Crude oil rises on Russia-Belarus dispute
                                
 * Construction spending, ISM manufacturing data on tap
                                
 * Novartis to buy rest of Alcon for $39.2 bln
                                
 * Futures up: Dow 59 pts, S&P 7 pts, Nasdaq 21.75 pts
                                
 * For up-to-the-minute market news, click STXNEWS/US
  (Updates prices, adds quote)
                                
 By Ryan Vlastelica
                                
 NEW YORK, Jan 4 (Reuters) - U.S. stock index futures rose
on Monday, as crude oil prices jumped on jitters over an oil
dispute between Russia and Belarus and as drugmaker Novartis
moved to buy eye care group Alcon in a $39 billion deal.
                                
 On the first trading day of the year, investors are
awaiting data on November construction spending data and
December ISM manufacturing, which could provide clues into how
strongly the recovery is taking hold.
                                
 Russia had halted supplies to Belarussian refineries after
failing to resolve a pricing dispute, according to traders, but
on Monday, the Belarus state oil firm said Russian oil was
flowing normally to European Union customers via Belarus.
February crude futures shot up nearly 2 percent to a two-month
high. For details, see [ID:nLDE6030FJ]
                                
 Also helping commodities was a weak U.S. dollar, which fell
0.4 percent against a basket of currencies <.DXY>.
                                
 "The entire commodity space is getting a big lift right
now, and along with the drop in the dollar, you're getting a
corresponding rise in equities," said Art Hogan, chief market
analyst at Jefferies & Co in Boston.
                                
 S&P 500 futures <SPc1> rose 7 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 59
points and Nasdaq 100 futures <NDc1> gained 21.75 points.
                                
 Switzerland's Novartis AG <NOVN.VX> plans to buy the rest
of Alcon Inc <ACL.N> that it doesn't own after agreeing to
acquire a majority stake from Nestle <NESN.VX>.
[ID:nLDE6030BH]
                                
 U.S. Federal Reserve Chairman Ben Bernanke said Sunday that
vigorous financial regulations would have been the best way to
restrain the housing bubble that helped cause the deep
recession, but said policymakers can no longer rule out
monetary policy to curb the buildup of risk. [ID:nN03223559]
                                
 Airline stocks will be in focus after Japan Airlines Corp
<9205.T> shares jumped 31 percent in Tokyo Monday. The Japanese
government looked to secure funds to prevent the carrier from
running out of cash as it awaits a possible bailout.
[ID:nTOE60302B]
                                
 Japan's Nikkei index <.N225> rose 1 percent to hit a
15-month closing high Monday, with a weaker yen lifting
exporters such as Kyocera Corp <6971.T>. European stocks were
broadly higher Monday morning, with drugmakers GlaxoSmithKline
Plc <GSK.L> and AstraZeneca Plc <AZN.L> rising after the
Novartis move on Alcon fueled consolidation hopes in the
sector.
                                
 U.S. markets were closed Friday for New Year's Day. On
Thursday, stocks fell, with the three major indexes down about
1 percent. For 2009, the Dow gained 19 percent, the S&P rose 24
percent, and the Nasdaq added 44 percent.
  (Editing by Jeffrey Benkoe)