NEW YORK (
) -- Stock futures were pointing to a higher open Monday as optimism about the $850 billion U.S. tax deal signed into law Friday helped offset concerns about escalating tensions in Korea and the debt crisis in Europe.
Futures for the
Dow Jones Industrial Average
were rising 39 points at 11,491 and were 40 points above fair value. Futures for the
were higher by 6 points at 1244 and were about 5 points above fair value, and
futures were up 11 points at 2218 and were 7 points above fair value.
Trading is expected to be quiet this week heading into the holidays. Investors, however, will be awaiting the final estimate for third-quarter GDP later this week, expecting a higher revision following recent pickup in economic activity.
Stocks finished marginally higher last week as positive economic and earnings news in the U.S. was offset by concerns about eurozone banks.
Global stocks were mixed on Monday. Asian stocks closed mostly lower as South Korea test-fired artillery despite threats of retaliation from North Korea. Hong Kong's Hang Seng slipped 0.3%, while Japan's Nikkei shed 0.8%.
In Europe, stocks were rising Monday morning on hopes that the tax deal would lead to a U.S. recovery. The euro was still weak, however, after members of the European Union failed to expand the current bailout fund at a summit last weekend. The members also did not agree to establish common-area eurobonds that will allow all 16 eurozone members to issue bonds under one umbrella.
The euro was off by 0.13% against the dollar at 1.3171. The dollar was trading flat against a basket of currencies, with the dollar index up 0.04%. The FTSE in U.K. was rising 0.6% while the DAX in Frankfurt was surging 1.2%.
In corporate news,
is discussing a potential sale to
of Brazil, but the deal might hit a bump on disagreements over price, according to latest press reports. Shares rose more than 5% on Friday on news of the talks and were trading flat in premarket trading Monday.
said Monday it has agreed to buy
, a German online shopping club, for $200 million in cash.
In commodity markets, crude oil for February delivery was rising 49 cents to trade at $89.09 a barrel as cold weather drove demand for heating. The February gold contract was higher by $5.20, trading at $1,384.40 an ounce.
The benchmark 10-year Treasury note was up by 4/32, diluting the yield to 3.324%.
--Written by Shanthi Bharatwaj in New York
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.