NEW YORK (TheStreet) -- U.S. stock futures climbed after third-quarter GDP posted a surprise jump to 3.9% from an initial reading of 3.5%, the Department of Commerce said Tuesday.
The upwardly revised figure came in stronger than expected, topping even the most generous estimates. Economists surveyed by Bloomberg predicted a range of 3% to 3.8% with a consensus of 3.3%.
Consumer spending showed particular strength, increasing 2.2% for the quarter, with no signs of slowing down into year's end. "We are actually looking for a modest shift up in consumption. That will start in the fourth quarter," RBC Capital Markets' Tom Porcelli told CNBC. "We are looking for this modest acceleration to 2.5% [over the quarter]." Porcelli added that through to 2015, consumer spending could increase to 2.7%.
S&P 500 futures added 0.12%, Dow Jones Industrial Average futures were up 0.14%, and Nasdaq futures gained 0.18%.
The S&P/Case-Shiller 20-city home price index for September will provide insight into the U.S. housing recovery. The release is scheduled for 9 a.m. EST. The Conference Board's Consumer Confidence Index will be released at 10 a.m. Economists anticipate a slightly higher reading of 96.5 compared to 94.5 a month earlier.
European markets were all higher midway through their session after Germany posted modest economic growth. The region's largest economy reported third-quarter GDP growth of 1.2%, unrevised from the officials' previous estimates. Germany's DAX was 1% higher.
Tiffany & Co. (TIF) - Get Report added 2.2% on Tuesday after quarterly comparable-store sales spiked 6%. Campbell Soup (CPB) - Get Report added 0.36% after exceeding quarterly expectations on its top- and bottom-lines, while Hormel Foods (HRL) - Get Report slid 0.63% after profit fell short of estimates.
Spain-based bank Santander (SAN) - Get Report was gaining 1.8% premarket after naming its former chief financial officer to the vacated role of CEO. Former chief Javier Marin had held the position for less than two years.
Citigroup (C) - Get Report was falling 0.1% after receiving a $15 million fine from U.S. regulators. According to the Financial Industry Regulatory Authority, the bank's equity analysts had given some clients stock picks that didn't match its published research.
--Written by Keris Alison Lahiff in New York.