(Photo: Reuters / Brendan McDermid)
Traders work on the floor of the New York Stock Exchange December 13, 2011.
The U.S. stock index futures point to a higher open Tuesday after the euro zone finance ministers and the International Monetary Fund (IMF) have reached a deal overnight on the financing of the second aid package to debt-laden Greece.
The futures on the Dow Jones Industrial Average were up 0.11 percent, the futures on the Standard & Poor's 500 Index were up 0.21 percent and those on the Nasdaq 100 Index were up 0.26 percent.
After nearly 12 hours of talks at their third meeting in two weeks in Brussels, the Eurogroup agreed on a debt reduction of 40 billion euros for Athens and the country will get nearly 44 billion euros ($57 billion) as the next tranche of bailout loans from Dec 13.
Meanwhile, investors are expected to focus on the durable goods orders data to be reported Tuesday. Durable goods orders, which measure the change in the total value of new orders for the long-lasting manufactured goods, are expected to decline 0.6 percent in October after gaining 9.8 percent in September. The core durable goods orders for October, which will exclude the transportation items, are expected to decline 0.5 percent after increasing 2 percent in September.
The Conference Board will release its consumer confidence index for the month of November after the market opens. Economists are predicting that confidence may improve slightly to 73.0 from 72.2 of previous month.
On the earnings front, Analog Devices and Green Mountain Coffee Roasters will report their quarter earnings after the closing bell. Analog Devices is expected to report the fourth quarter net income of $0.57 per share on revenues of $697.67 million, down from $0.60 per share on revenues of $711.88 million in the same period last year.
European stock markets advanced after Greek deal and are currently trading higher with FTSE 100 up by 28.10 points, DAX30 up by 45.32 points and CAC 40 up by 24.84 points.
Asian stock markets mostly ended higher as traders were encouraged after international lenders agreed to release the much-needed bailout funds for Greece. Japanese Nikkei gained 0.37 percent, South Korea’s KOSPI Composite advanced 0.87 percent and Indian BSE Sensex surged 1.40 percent while Hong Kong's Hang Seng declined 0.08 percent and Chinese Shanghai Composite fell 1.30 percent.
Indian BSE Sensex climbed 250 points after rating agency Moody's said that the outlook on its Baa3 rating for India was stable, citing the country's strong economic growth along with high savings and investment rates as supportive of the rating.
This article is copyrighted by International Business Times, the business news leader