Stock Futures Gain as Durable-Goods Orders Jump
NEW YORK (TheStreet) -- Stock futures were gaining on Tuesday morning as a report showed manufacturing strength in November.
Futures for the S&P 500 were gaining 0.03% 1,823.25. Futures for the Dow Jones Industrial Average were adding 0.06% to 16,248, while Nasdaq futures were up 0.04% to 3,566.
The U.S. Census Bureau reported that durable-goods orders for November jumped 3.5% from the prior month -- orders dropped 0.7% in October -- and new orders excluding transportation increased 1.2%. Economists were expecting orders to rise 1.5% and 0.8%, respectively.
Markets jumped on Monday as improved consumer spending and sentiment data coupled with an upgrade in the International Monetary Fund's outlook for the U.S. economy added to a raft of economic news in recent weeks that suggested the economy is growing at a healthy clip despite a pullback in Federal Reserve stimulus.
Investors are awaiting new-home sales at 10 a.m. EST
Major equity markets will close at 1 p.m. on Tuesday for the Christmas break, and reopen Thursday at the regularly scheduled time.
In company news, shares of Johnson & Johnson
Traders were keeping an eye on Target
Retail sales data continued to look week for the 2013 holiday season as a report from ShopperTrak said that sales at U.S. stores dropped 3.1% for the week ended Sunday against the same time a year earlier. It marked a third-straight week of declining retail sales, which dropped 2.9 and 0.8%, in the prior two weeks, respectively. ShopperTrak collects data from 40,000 locations.
-- Written by Joe Deaux in New York
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