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%.
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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) added 2.2% on Tuesday after quarterly comparable-store sales spiked 6%. Campbell Soup (CPB) added 0.36% after exceeding quarterly expectations on its top- and bottom-lines, while Hormel Foods (HRL) slid 0.63% after profit fell short of estimates.
Spain-based bank Santander (SAN) 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.
Twitter (TWTR) was edging 0.4% higher after its chief financial officer unintentionally shared potential acquisition developments via the social media platform.
Citigroup (C) 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.