Stock Market Today: Futures Recover as Wells Fargo Meets Estimates, Portugal Fears Subside

NEW YORK (TheStreet) -- U.S. stock futures were higher Friday as European markets recovered from a bout of market contagion fears that were sparked by a missed debt service payment by a parent company of Portugal's Banco Espirito Santo.

Portugal's second-largest bank by market value on late Thursday reassured the markets that potential losses resulting from its exposure to Espirito Santo Group will not compromise its compliance with regulatory capital requirements. Currently it has an exposure of 1.18 billion euros to Grupo Espirito Santo.

Dow Jones Industrial Average futures were rising 26 points, or 26.93 points above fair value, to 16,868, with the index on the verge of crossing the 17,000 psychological threshold once again. S&P 500 futures were up 3.25 points, or 2.97 points above fair value, to 1,961. Nasdaq futures were climbing 11.7 points, or 12.71 points above fair value, to 3,885.5. U.S. markets climbed out of session lows by market close Thursday, but stayed in the red for the day.

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"The equity market remains remarkably resilient, in our view, with the S&P 500 up 6.2% so far this year," noted Gina Martin Adams, senior analyst at Wells Fargo Securities. "As the market continues to normalize with the deceleration in Fed intervention, we continue to believe dispersion among sectors should rise," she added. Adams sees breakouts in integrated the oil and gas, and tobacco sectors; a breakdown in banks; and a break-up in Internet stocks.

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