Futures Get a Lift From Home Price Data
NEW YORK (TheStreet) -- U.S. stock futures were pointing to a higher open Tuesday after home prices rose in April and negotiations regarding Greece's debt and austerity plan continue.
Futures for the Dow Jones Industrial Average were up by 51 points, or 69 points above fair value at 12,041. Futures for the S&P 500 were higher by 6 points, or nearly 8 points above fair value, at 1282, and Nasdaq futures were ahead by 9 points, or 10 points above fair value.
Stocks rose Monday, led by technology and financials, despite continued uncertainty in Greece and contentious budget talks in Washington.The Case-Shiller 20-city home price index rose 0.7% in April from March but fell 4% from the same period a year ago, which was within expectations for a dip of 3.9%, according to Briefing.com. Greece remains in focus as violent protests break out ahead of the parliament's vote on a €78 billion ($111.3 billion) austerity plan on Wednesday. The Greek parliament is scheduled to follow up Wednesday's decision with a vote on implementation measures on Thursday, according to a Wall Street Journal report. France said it would be willing to extend the maturities on Greek bonds to give the country some breathing room. German banking associations support the plan, according to a Wall Street Journal report. Elsewhere in Europe, Christine Lagarde, France's finance minister, could be named the new leader of the International Monetary Fund as early as Tuesday. The FTSE in London was rising 0.9% and the DAX in Frankfurt was increasing 0.3%. Hong Kong's Hang Seng added 0.09%, and Japan's Nikkei gained 0.7%. Consumer confidence is expected to remain largely unchanged in June. Economists are forecasting a reading of 60.7, compared with May's level of 60.8. The Conference Board will release its consumer confidence index at 10 a.m.
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