US STOCKS-Futures rise to keep Tuesday momentum on sturdy data

Wed Jun 26, 2013 8:00am EDT
 
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* Mining stocks under pressure as gold tumbles

* General Mills slips after results

* Futures up: Dow 71 pts, S&P 9.3 pts, Nasdaq 20 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.

"I'm going to be really surprised if we end up big today like we did yesterday, this may just be a happiness hangover from yesterday," said Kim Forrest, senior equity research analyst, Fort Pitt Capital Group in Pittsburgh.

"People want to believe the end of quantitative easing isn't just around the corner."   Continued...