(MENAFN- ProactiveInvestors) U.S. stock futures were higher in early trading Tuesday adding to gains after U.S. GDP growth in the third quarter was revised to the highest in 11 years. The Dow and the S&P 500 closed at record highs in the previous session posting their biggest four session winning streaks since July 2010.
The Dow stands only about 40 points from reaching the 18000 mark for the first time ever.
Futures on the three major US market indexes were up 0.2% premarket.
With markets closed half day tomorrow and all of Thursday the pre-Christmas rush of economic data gets underway today kicking off with the latest reports on durable goods orders and GDP.
U.S. third quarter GDP growth was revised to 5.0% from 3.9% the highest since the third quarter of 2003. Durable goods orders unexpectedly fell 0.7% in November well below the anticipated 3.3% gain.
Later in the morning the University of Michigan's final December consumer sentiment index is due out at 9:55am ET followed by November new homes sales at 10:00am ET as well as a report on personal income consumer spending and core PCE prices for November.
Following a sharp fall yesterday oil prices rebounded this morning on expectations of solid US economic data with the contract for February delivery lately up 72 cents at $55.97 a barrel in New York. Arab OPEC producers said they expect global oil prices to rebound to $70 to $80 a barrel by the end of next year as global economic recovery revives demand. This follows Saudi Arabia's announcement that OPEC would not cut production at any price.
In corporate activity () stock rose premarket after the company's quarterly profit beat expectations on sales that rose in line with forecasts.
() is decreasing its capital budget to $4.6 billion as it plans for drilling rig cuts.
() has announced a $1 billion stock buyback program which follows the completion of a $5 billion sale of its Southern Marcellus and Utica Shale assets to Southwestern Energy.
Meanwhile energy producer (NYSE:) is opening another round of its legal battle related to the 2010 Gulf of Mexico oil spill saying in a court filing that it should pay a lesser penalty than the $16 to $18 billion sought by the US government partly because of the falling price of oil.
Pictures () has reportedly threatened () with legal action over users who tweeted the contents of the emails that hackers stole and released on the Internet.
European markets were higher today with shares in France leading the region. The Shanghai Composite index dropped sharply today leading losses in Asia on a scarcity of funds with the index falling 3.03%. The big move is not uncommon for the index lately which has seen wild swings ever since the opening of the market to foreign investors in mid-November the unexpected cutting of interest rates on November 21 and a liquidity shortage.
Gold futures edged down to $1179 an ounce in electronic trading in New York.
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