Stock Market Today: Futures Higher as Wall Street Cheers eBay

NEW YORK (TheStreet) -- U.S. stock index futures were pointing to a rebound on Wall Street Tuesday as investors awaited a fresh round of economic data including consumer confidence figures and cheered eBay's (EBAY) plan to split off its PayPal business into an independent publicly traded company.

Dow Jones Industrial Average futures were up 48 points, or 46.78 points above fair value. S&P 500 futures rose 5.5 points, or 5 points above fair value. Nasdaq futures increased 15.3 points, or 12.77 points over fair value.

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Different factors appear to be driving this bull market higher vs. what was witnessed in previous years, said Bob Doll, chief equity strategist at Nuveen Asset Management. Last year, investors had a sense that risks were fading, which prompted them to move from asset classes like cash into equities, he said in a note.

"This year, we see that trend vanishing, suggesting markets will require stronger fundamentals, particularly solid earnings growth, to make additional gains," said Doll. "Fortunately, we think that improving economic growth should mean decent earnings should continue."

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U.S. stock markets failed to pick up strength on Monday, settling in the red as the S&P 500 headed to a monthly decline, its first since March. Investors were struggling for direction as the Federal Reserve's monthly asset buying program is expected to officially end next month. 

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