Stocks may move to the upside in early trading on Tuesday, extending the upward move that was seen last week. The major index futures are currently pointing to a notably higher open for the markets, with the Dow futures up by 79 points.
The upward momentum for the markets is partly due to the latest news out of Greece, with recent polls showing an increase in support for the political parties that back the austerity measures required to receive the international bailout.
While the polls suggest that the anti-bailout Syriza party would still come in second, the pro-bailout New Democracy party could win enough seats to form a coalition government with the socialist Pasok party. The elections are scheduled to be held June 17th.
Peter Boockvar, managing director at Miller Tabak, said, "Convincing the Greeks that he can renege on the budget agreements with the EU/IMF and still expect to get money from them and stay in the euro is becoming more difficult than Syriza party leader Tsipras had thought."
"His poll numbers are dropping compared to the New Democracy party who wants the euro and will mostly stick to the country's deal with the EU/IMF," Boockvar added.
Trading could also be impacted by the release of the Conference Board's report on U.S. consumer confidence in the month of May. The consumer confidence index is expected to edge up to 69.7 in May from 69.2 in April.
by RTT Staff Writer
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