Stock Market Today: Futures Rise on Hopes of Peace Agreement Between Russia and Ukraine

NEW YORK (TheStreet) -- U.S. stock index futures were trading higher Wednesday after leaders in Ukraine said Russia agreed to a cease-fire in eastern Ukraine.

Watch the video below to see how the positive news from Russia and Ukraine is affecting European markets in midday trading Wednesday:

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Dow Jones Industrial Average
futures rose 74 points, or 69.44 points above fair value, to 17,127. S&P 500 futures increased 8.25 points, or 7.57 points above fair value, to 2,008. Nasdaq futures gained 17 points, or 13.64 points above fair value, to 4,109.

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U.S. stock indices ended Tuesday mixed as investors returned from the U.S. Labor Day weekend largely indecisive about their positioning despite a trio of good U.S. economic reports.

Ukrainian President Petro Poroshenko announced he and Russian President Vladimir Putin had agreed on a "cease-fire process," correcting an earlier statement that a "permanent cease-fire" had been agreed upon. The Kremlin said the two leaders had "coincided significantly" on possible ways to end the crisis, British Broadcasting Corp. reported.

Read More: European Stocks Rally on Potential Russa/Ukraine Cease-Fire

European stock indices rallied on Wednesday, galvanized by news of the potential cease-fire and a strong performance from Asia.

The U.S. economic calendar Wednesday includes factory orders for July at 10 a.m. EDT, and the Federal Reserve's Beige Book report providing a snapshot of economic conditions from each of the 12 Fed districts at 2 p.m.

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