Futures Rise as U.S. Avoids Shutdown

NEW YORK ( TheStreet) -- Stock futures were pointing to a higher open Monday after lawmakers reached a budget agreement to prevent a government shutdown, and the market looked ahead to the start of earnings season with Alcoa ( AA) results due after the bell.

Futures for the Dow Jones Industrial Average were up by 10 points, or 13 points above fair value, at 12,336. Futures for the S&P 500 were higher by 1 point, or nearly 1 point above fair value, at 1325. Nasdaq futures were ahead by 4 points, or nearly 4 points above fair value.

Stocks dropped Friday after oil topped $112 a barrel and the market anticipated a government shutdown.

Late Friday, President Barack Obama and congressional leaders were able to agree to a plan that would lower spending by $39 billion, funding government operations for the next six months.

Northeastern Japan was hit by another powerful aftershock on Monday , exactly a month after a massive quake and subsequent tsunami critically damaged the country's Fukushima Dai-Ichi nuclear plant, spurring fears about a nuclear crisis.

Japan's Nikkei slipped 0.5% and Hong Kong's Hang Seng declined by 0.4%. London's FTSE was gaining 0.05% while the DAX in Frankfurt was down by 0.2%.

With no economic reports scheduled for release on Monday, the market will likely focus on Alcoa, which will kick off earnings season with its first-quarter results due out after the closing bell . The aluminum producer is expected to post a profit of 27 cents a share. In the year-earlier quarter, Alcoa reported an adjusted profit of 10 cents a share. Alcoa's stock was trading 0.9% higher at $18.08 ahead of Monday's opening bell.

Shares of Endo Pharmaceuticals ( ENDP) was gaining 12.1% to $45.80 ahead of Monday's opening bell after it agreed to acquire American Medical Systems ( AMMD) for $30 a share, or $2.9 billion in cash. American Medical 's stock was soaring 32.6% to $29.60.

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