This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stock Futures Rise Amid China Stimulus Hopes


NEW YORK (TheStreet) -- Stock futures were pointing to a higher open on Wall Street Tuesday as investors returned from the long Memorial Day weekend to hopes of Chinese stimulus.

Futures for the Dow Jones Industrial Average were up 80 points, or 69.2 points above fair value, at 12,509. Futures for the S&P 500 were up 8.5 points, or 7.3 points above fair value, at 1324. Futures for the Nasdaq were rising 18.8 points, or 17.1 points above fair value, at 2543.

Stocks closed on a weak note Friday, as investors remained concerned about the mounting eurozone crisis heading into the holiday weekend. Markets were closed Monday in the U.S. for Memorial Day.

But global stocks advanced Tuesday on signs of Chinese monetary easing.

The Hang Seng index in Hong Kong settled up 1.4% and Japan's Nikkei closed up 0.7% after reports that China's top planning agency has given the green light for construction of a number of new steel plants.

Commodities also got a lift with the July crude oil futures up 38 cents at $91.24 a barrel and the June gold contract rising $4.30 to $1,573.20 an ounce.

In Europe, political parties supporting austerity measures mandated by the European Union were shown to be receiving growing support in Greek opinion polls, with one of the pro-bailout parties coming in at the top in six polls published over the weekend.

London's FTSE was wavering, and the DAX in Germany was rising 0.6%.

In U.S. economic news, the S&P Case/Shiller Home Price Index of 20 cities for March fell 2.6% from a year ago, as expected by economists surveyed by Reuters, after a 3.5% decline in February.

The Conference Board releases its read on the consumer confidence for May at 10 a.m. ET Economists expect a reading of 70. April's number came in at 69.2.

The benchmark 10-year Treasury was up 8/32, lowering the yield to 1.718% and the greenback was down 0.2%, according to the dollar index.






In corporate news, Facebook (FB) is reportedly in talks to buy Opera Software, a Norwegian maker of Internet browsers, for a potential price tag of more than $1 billion.

JPMorgan Chase (JPM) has sold about $25 billion of profitable securities to try to offset losses related to its massive derivatives trading loss.

Patriot Coal (PCX) named Irl Engelhardt as the company's new CEO, replacing Richard Whiting who has been CEO and president since 2007. Bennett Hatfield was named new president in addition to his current role as chief operating officer.

Sanderson Farms (SAFM), the chicken processor, reported second-quarter net income of $23.9 million, or $1.04 a share, on net sales of $595 million. Analysts were expecting the company to post profit of 95 cents a share on revenue of $591.25 million.

-- Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs