U.S. stock futures markets advanced yet again Tuesday morning, indicating Wall Street's holiday cheer hadn't abated as 2009 draws to an end. While data on housing and consumer confidence could still change sentiment this morning, if current trend continues to the close, markets could extend the winning streak to a seventh session.
Stocks rallied Monday, with all three major indices -- Dow industrials, S&P 500 and Nasdaq -- closing at fresh 2009 highs on some optimism about a recovery in retail sales and gains several other sectors. However, volumes continue to be thin as so many have taken this week off.
Two economic reports are due out:
The S&P/Case-Shiller home price index for October will be released at 9:00 a.m. Eastern. Economists are expecting the home price index of 20 major cities fell 7.2% compared to last October, according to Thomson Reuters. These annual declines, however, have been shrinking. Compared to the previous month, economists expect a rise of 0.2%, after gaining 0.3% in the previous month, according to Reuters data.
At 10:00 a.m. Eastern, December consumer confidence will be reported and is expected to rise to 53 from 49.5, according to Briefing.com. The index hit a historic low of 25.3 in February. It has since climbed, albeit not always smoothly as rising unemployment has taken a toll on consumers.
Overseas, Asian stock markets moved mostly higher Tuesday in dwindling holiday trade. European stock markets also moved higher Tuesday as investors continued to book modest gains amid thin volume.
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