US STOCKS-Wall St to open up as Fed concerns ease; GDP estimate cut

Wed Jun 26, 2013 9:22am EDT
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* Mining stocks under pressure as gold tumbles

* General Mills slips after results

* U.S. Q1 final growth estimate cut to 1.8 pct

* Futures up: Dow 65 pts, S&P 9.7 pts, Nasdaq 20.75 pts

By Chuck Mikolajczak

NEW YORK, June 26 (Reuters) - U.S. stocks were set to open higher on Wednesday, indicating the S&P 500 may build on its biggest gain in nearly two weeks on Tuesday, as concerns eased that the U.S. Federal Reserve will soon rein in its stimulus measures.

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 scale back its stimulus efforts should its economic forecasts hold.

"If you look at the actual statement (Fed stimulus) is going to be data dependent and if you look at the Fed forecasting, they are usually more optimistic than what has actually happened," said Rick Robinson, regional chief investment officer for Wells Fargo Private Bank in Scottsdale, Arizona.   Continued...