Futures Rise on Easing Eurozone Concerns

Stocks look set to open higher as tensions in Korea and concerns about the debt crisis in Europe ease.
By Shanthi Bharatwaj ,

NEW YORK (

TheStreet

) -- Stocks looked set to open higher Tuesday, tracking a global market rally after tensions in Korea eased and concerns about the debt crisis in Europe abated.

The euro was rising against the dollar, even as Moody's threatened to downgrade Portuguese debt, after China said it would support efforts to stem the eurozone-debt crisis.

Futures for the

Dow Jones Industrial Average

were rising 34 points at 11,478 and were 22 points above fair value. Futures for the

S&P 500

were higher by 4 points at 1245 and were 3 points above fair value, and

Nasdaq

futures were up 5 points at 2223 and were 4 points above fair value.

Stocks finished on a mixed note on Monday, as a three-week rally showed signs of running out of steam.

Asian stocks rose on Tuesday, after South Korea's artillery tests failed to provoke a retaliatory response from North Korea. Japan's Nikkei surged 1.5% after its central bank left rates unchanged, continuing its extra loose monetary policy. Hong Kong's Hang Seng climbed 1.6%.

In Europe, stocks were rising Tuesday despite Moody's warnings that it may downgrade Portugal's debt rating by as much as two notches. Last week, the rating agency warned that it may downgrade Spain's debt.

The euro was still trading higher, however, on China Vice Premier Wang Qishan's comments that China backed efforts to stabilize he European debt crisis.

The euro was last up by 0.23% against the dollar at $1.3162. The dollar index was down 0.1%. The FTSE in U.K. was rising 0.7% while the DAX in Frankfurt was up 0.6%.

There are no economic reports scheduled for release on Tuesday. Investors will be pacing themselves for the final estimate of third-quarter GDP, to be released on Wednesday. Markets are expecting an upward revision to the estimate on the back of recent pickup in economic activity.

In corporate news,

Astrazeneca Pharma

(AZN) - Get Report

said Tuesday it

discontinued development of motavizumab

for preventing serious respiratory syncytial virus disease and will record a fourth-quarter impairment charge of $445 million.

Pfizer

(PFE) - Get Report

is to recall 19,000 bottles of Lipitor 40 milligram tablets distributed in the U.S. on odor complaints.

Adobe

(ADBE) - Get Report

were rising nearly 3% in premarket trading after it reported better-than-expected results after the bell on Monday. The company said profits grew to $285.7 million, or 56 cents per share, up from $206.8 million, or 39 cents per share. Analysts were expecting 52 cents per share.

MasseyEnergy

(MEE)

is weighing two takeover bids, according to a

Wall Street Journal

report, but the coal miner has yet to tart a formal auction process.

In commodity markets, crude oil for February delivery was rising 3 cents to trade at $89.40 a barrel as cold weather drove demand for heating. The February gold contract was flat at $1,386.80 an ounce.

The benchmark 10-year Treasury note was up by 8/32, diluting the yield to 3.309%.

--Written by Shanthi Bharatwaj in New York

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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