Stocks look to extend gains; investors await readings on home prices, consumer confidence

Futures higher ahead of housing, confidence data

NEW YORK — Stock futures indicated more gains on Wall Street Tuesday as investors anticipated positive readings on home prices and consumer confidence.

Overseas markets were also higher. Other markets, including bonds and commodities, were little changed.

Futures edged higher ahead of the Standard & Poor’s/Case-Shiller October index of home prices, to be released at 9 a.m. Eastern time. Later Tuesday morning, the Conference Board will release its Consumer Confidence Index for December.

Trading has been quiet in recent days, as many investors take vacation between the Christmas and New Year’s holidays. But even in light volume, the market continues to climb, adding to the big gains logged since stocks hit 12-year lows in March, amid improving economic data. The Standard & Poor’s 500 index has risen for six straight days, gaining 2.3 percent to reach a new high for the year.

Ahead of the market’s open, Dow Jones industrial average futures rose 31, or 0.3 percent, to 10,518. Standard & Poor’s 500 index futures rose 4.10, or 0.4 percent, to 1,127.20, while Nasdaq 100 index futures rose 4.75, or 0.3 percent, to 1,879.25.

The latest reading on home prices is expected to show a decline in October from year-ago levels, but likely an increase on a monthly basis. Government programs to boost home sales have helped prices improve since June. Economists predict the Standard & Poor’s/Case-Shiller home price index of 20 major cities fell 7.2 percent compared to October last year.

Economists expect the Conference Board’s Consumer Confidence Index to rise to 52 in December from 49.5 in November. While still a long way from what is considered healthy — a reading above 100 signals strong growth — the index has risen significantly from a historic low of 25.3 in February.

The better consumers are feeling about the economy, the more they will be willing to spend. Consumer spending is an important driver of economic growth. On Monday, stocks rose after a report showed retail sales improved this holiday season.

Government bonds were little changed Tuesday. The yield on the benchmark 10-year Treasury note held steady at 3.85 percent. The Treasury Department will issue $42 billion of five-year notes later Tuesday as part of its latest round of auctions.

The dollar slipped against other major currencies. Oil prices lost 5 cents to $78.72 a barrel in electronic premarket trading on the New York Mercantile Exchange. Gold prices inched higher.

Overseas, Japan’s Nikkei stock average inched up 0.04 percent and Hong Kong’s Hang Seng index gained 0.1 percent. In afternoon trading in Europe, Britain’s FTSE 100 was up 0.8 percent, Germany’s DAX index added 0.3 percent, and France’s CAC-40 rose 0.5 percent.