US STOCKS-Futures rise, adding to Tuesday gains, on sturdy data

Wed Jun 26, 2013 7:21am EDT
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* Mining stocks under pressure as gold tumbles

* General Mills slips after results

* Futures up: Dow 50 pts, S&P 6.2 pts, Nasdaq 14.5 pts

By Chuck Mikolajczak

NEW YORK, June 26 (Reuters) - U.S. stock index futures rose on Wednesday, indicating the S&P 500 may build on its biggest gain in nearly two weeks on Tuesday, on the back of stronger-than-expected economic data.

* The S&P 500 rose nearly 1 percent Tuesday, its most since June 13, as data on durable goods orders, sales of new homes and consumer confidence all topped analysts' expectations and the People's Bank of China eased concerns about a possible banking crisis in the world's second-largest economy.

* Still, the benchmark S&P index remains down 3.9 percent since the Fed signaled last week that it may begin to rein in its stimulus efforts should its economic forecasts hold.

* The final estimate of first quarter gross domestic product is due at 8:30 a.m. (1230 GMT). Economists in a Reuters survey forecast a 2.4 percent annualized pace of growth, the same as the preliminary estimate for the quarter.

* Gold stocks were under pressure as the precious metal fell to its lowest in almost three years, putting it on course for a record quarterly loss, as sturdy U.S. economic data supported fears the Federal Reserve will soon end ultra-loose monetary policy. U.S.-listed shares of Gold Fields Ltd dropped 6.3 percent to $4.76 and Barrick Gold Corp lost 4.6 percent to $15.37 in premarket trading.   Continued...