Stock Futures Climb as Durable Goods Orders Jump
NEW YORK ( TheStreet) -- Stock futures were pointing to a rebound Tuesday after a jump in U.S. durable goods orders and ahead of a home price report that's expected to show a sizable improvement.
Futures for the S&P 500 were ticking up 2.75 points, or 4.91 points above fair value, at 1,549.75 after the index soared Monday to within a point of its record high set in October 2007 on optimism about a €10 billion bailout deal for Cyprus involving massive cuts to its banking sector. The index faded by midday though as the terms of the agreement led to concerns that they would set a bad precedent for other troubled eurozone nations.
Futures for the Dow Jones Industrial Average were increasing 24 points, or 40.25 points above fair value, at 14,410. Nasdaq futures were climbing 6.25 points, or 8.95 points above fair value, at 2,790.5.
The Census Bureau reported that durable goods orders rose 5.7% in February after falling by an upwardly revised 3.8% in January; economists were looking for durable goods orders to rise 3.8% in February. Much of the rebound was driven by commercial aircraft orders.Excluding transportation, orders fell 0.5%, after gaining an upwardly revised 2.9% the previous month. At 9 a.m., the S&P/Case-Shiller 20-city home price index is predicted to show an increase of 7.9% in January after a rise of 6.8% in December. Out at 10 a.m. is the Conference Board's Consumer Confidence Index, which is expected to have fallen to 68 in March from 69 in February. Also at 10 a.m., the Census Bureau is forecast to report that new-home sales fell to a seasonally adjusted annual rate of 422,000 in February from an annualized 437,000 in January. The FTSE 100 in London was adding 0.07% and the DAX in Germany was gaining 0.2% on Tuesday. The Hong Kong Hang Seng index closed higher by 0.27% and the Nikkei 225 index in Japan finished off 0.6%. The benchmark 10-year Treasury was declining 4/32, boosting the yield to 1.936%. The dollar was unchanged, according to the
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