US STOCKS-Wall St to open slightly higher after Swiss move

Thu Jan 15, 2015 9:16am EST
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By Chuck Mikolajczak

NEW YORK, Jan 15 (Reuters) - U.S. stocks were poised for a slightly higher open on Thursday, as investors grappled with a move by the Swiss National Bank to scrap its three-year euro cap on the franc.

Trading was volatile, with futures fluctuating between gains and losses after the SNB said it would discontinue the cap it introduced on Sept. 6, 2011 to fight recession and deflation threats.

Swiss stocks traded in the U.S. moved higher before the opening bell, including UBS, up 3.6 percent at $17.07, Credit Suisse, up 4 percent at $23.72 and Novartis , up 3.8 percent to $100.48, as a strengthening Swiss franc made U.S.-dollar denominated stocks cheaper.

A rebound in oil prices somewhat helped soothe investor nerves, with Brent up 1.6 percent to $49.48 and U.S. crude up 3.8 percent to $50.33.   Continued...