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Stock Futures Soar as Summers Withdraws From Fed Race

U.S. stock futures surged late Sunday after Lawrence Summers withdrew his name from consideration to head the Federal Reserve, soothing investors who had expected Mr. Summers to wind down the Fed's easy-money policies soon after taking the post.

Standard & Poor's 500-stock index futures were recently up 17.8 points to 1699.80. Dow Jones Industrial Average futures gained 164 points to 15475. Futures prices don't always accurately predict future stock moves.

Stocks in Asia moved higher on the news early on Monday—Australia's S&P ASX 200 moved 0.7% higher and South Korea's Kospi was up 0.9%.

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Earlier: Bumpy Path to Fed Job