* Dubai unveils restructuring plan
* Manufacturing, pending home sales data on tap
* Futures up: Dow 70 pts, S&P 500 8.4 pts, Nasdaq 17 pts
By Chuck Mikolajczak
NEW YORK, Dec 1 (Reuters) - U.S. stock index futures rose
on Tuesday as concerns over Dubai's debt problems eased and
investors awaited a host of economic data, including pending
home sales.
Dubai World, the government-owned investment firm, said it
will restructure about $26 billion of its estimated $59 billion
in debt, reassuring investors that the emirate's problems can
be contained. For details, see []
"For the moment, It appears the Dubai concerns have
quelled, giving a renewed, yet tenuous confidence," said Andre
Bakhos, president of Princeton Financial Group in North
Brunswick, New Jersey.
"Today investors look to the economic calendar for
continued signs that the economy is in recovery mode."
The data will include the Institute for Supply Management's
November manufacturing index at 10 a.m. EST [].
Economists surveyed by Reuters expect a reading of 55.0 versus
55.7 in October, but a stronger-than-expected Chicago PMI on
Monday has boosted expectations.
Also at 10 a.m., the National Association of Realtors
issues October pending home sales. Economists expect a drop of
0.8 percent, compared with a 6.1 percent rise in the previous
month. An improvement in the housing market is seen as key to
the recovery.
S&P 500 futures <SPc1> rose 8.4 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> climbed
70 points, while Nasdaq 100 futures <NDc1> gained 17 points.
In U.S. equities news, top office-products retailer Staples
Inc <SPLS.O> reported higher-than-expected quarterly profit on
Tuesday as cost cuts offset weak sales. []
WellPoint Inc <WLP.N> a big Blue Cross Blue Shield health
insurer, provided a full-year 2009 outlook and said it was
taking a big gain after closing the sale of its NextRx drug
benefit business to Express Scripts Inc <ESRX.O>.
[]
European shares rose about 2 percent early Tuesday,
bouncing back from declines in the previous session, as fears
about Dubai eased, boosting investor appetite for riskier
equities. [].
The Nikkei 225 index jumped 2.4 percent while the yen
tumbled after the Bank of Japan called an emergency policy
review to discuss ways to boost the ailing economy.
[]
U.S. stocks rose on Monday, helping the Dow post its fifth
straight monthly gain.
(Editing by Jeffrey Benkoe)
((Charles.mikolajczak@thomsonreuters.com; +1 646 223 5234;
Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
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