NEW YORK (

TheStreet

) -- Stock futures pointed to a stronger open Wednesday, climbing back after the previous session's steep selloff, but oil prices continued to rise amid turmoil in Libya and other parts of the Middle East.

Futures for the

Dow Jones Industrial Average

were up by 47 points, or 38 points above fair value, at 12,230. Futures for the

S&P 500

were higher by nearly 6 points, or 6 points above fair value, at 1320, and

Nasdaq

futures were ahead by 12 points, or 11 points above fair value.

The Dow lost 178 points yesterday, or 1%, and the S&P 500 and Nasdaq dropped 2% as violent clashes in Libya disrupted oil production. Oil prices hit their highest level in more than two years yesterday. On Wednesday morning, crude oil for April delivery was trading 53 cents higher at $95.95 a barrel.

Libyan leader Moammar Gadhafi's speech in which he vowed to die a martyr rather than leave the country have only

escalated tension in Libya .

Hong Kong's Hang Seng lost 0.4%, and Japan's Nikkei dropped 0.8%. London's FTSE was shedding 0.5%, and the DAX in Frankfurt was off by 0.4%.

At 10 a.m. EST, the National Association of Realtors will report on January existing-home sales. According to Briefing.com, economists expect sales to dip to 5.23 million, from 5.28 million, previously.

Elsewhere in commodity markets, the April gold contract was higher by $2.30 to trade at $1,403.40 an ounce.

The benchmark 10-year Treasury fell 9/32, lifting the yield to 3.492%. The dollar weakened against a basket of currencies, with the dollar index down by 0.4%.

.

Shares of

Hewlett-Packard

(HPQ) - Get Report

were losing 10.4% at $43.20 ahead of Wednesday's opening bell after the

personal computer maker issued lower-than-expected second-quarter guidance late Tuesday.

Home improvement retailer

Lowe's

(LOW) - Get Report

reported 21 cents a share and said sales rose 3.1% to $10.5 billion in the fourth quarter compared with the profit of 18 cents a share on sales of $10.45 billion that analysts had been expecting. Shares were trading 0.9% lower at $25.75 in early trading.

Shares of

Toll Brothers

(TOL) - Get Report

were adding 0.4% to $20.85 ahead of the opening bell after the

homebuilder reported a surprise first-quarter profit and said sales rose 2% to $334.1 million, beating forecasts for sales of $317.7 million.

--Written by Melinda Peer in New York

.

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