* Case-Shiller, consumer confidence on tap
* Volume seen light through short week
* Futures up: S&P 4.4 pts, Dow 33 pts, Nasdaq 4.75 pts
* For up-to-the-minute market news, click STXNEWS/US
(Writes through, adds quote, details, byline)
By Leah Schnurr
NEW YORK, Dec 29 (Reuters) - U.S. stock index futures
pointed to a higher open on Tuesday as investors awaited data
on housing and consumer confidence, two areas that are key in
building on the still fragile economic recovery.
It would be Wall Street's seventh positive session in a
row, but the market has mostly inched up in recent days, as
investors turn their focus to 2010. The S&P 500 has shot up
almost 25 percent for the year, but gained only 3 percent
during the seven-day run.
Volume should be light through the shortened week, as many
market players on holiday between Christmas and New Year's.
"A lot of people are calling this the Santa Claus rally. I
think it is, but Santa Claus is on a diet this year," said
Jamie Cox, managing partner at Harris Financial Group in
Colonial Heights, Virginia, referring to the rally that is
typical at the end of the year.
"People are happy and delighted the worst is over, but
they're still feeling a little bit of a hangover from all the
negative sentiment this year."
S&P 500 futures <SPc1> rose 4.4 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> added 33
points, and the Nasdaq 100 futures <NDc1> gained 4.75 points.
The S&P/Case-Shiller home price index for October will be
released at 9:00 a.m. EST (1400 GMT), with economists expecting
a rise of 0.2 percent month-over-month, compared with a gain of
0.3 percent in the previous month, according to Reuters data.
The consumer confidence number for December, due at 10:00 a.m.
EST (1500 GMT), is expected to rise to 52.5 from 49.5. For
details see []
Stabilizing home prices are "absolutely essential," said
Cox, adding, "The way out of this is through housing."
Morgan Stanley <MS.N> plans to overhaul pay plans for its
top executives, deferring more compensation over time and
benchmarking pay against rival firms, the Wall Street Journal
reported Monday, citing sources.
The U.S. Federal Reserve pressed ahead on Monday toward the
creation of a new mechanism it says could be used to withdraw
money from the banking system once policymakers decide to
tighten monetary policy. []
Shares of Imperial Sugar Co <IPSU.O> rose nearly 10 percent
after the bell Monday after the company said it settled an
insurance claim for a February 2008 industrial accident.
[]
Stocks edged higher Monday as data indicating improved
consumer spending lifted shares of retailers, offsetting a drop
in airline shares amid security worries.
(Editing by Jeffrey Benkoe)
