Stock index futures rose on Wednesday, putting the benchmark S&P 500 on track for its sixth day of gains in the past seven, as Slovakia moved to reach a deal on expanding the euro zone rescue fund.
Slovakia's political parties will hold talks later Wednesday to come up with a deal after lawmakers rejected a plan to bolster the European Financial Stability Facility fund. Slovakia is the last country in the 17-member currency zone left to approve the plan.
German Chancellor Angela Merkel weighed in, saying she expected full ratification by the European Union summit on October 23.
The big fear in the market has been a stumbling block to the European recapitalization of the banks and the problems in Greece, and while there certainly is no clear solution, the fact remains they probably bought themselves a few more weeks time to come to a solution, said Rick Meckler, president of LibertyView Capital Management in New York.
You have a combination of investors who have been short, not wanting to be short into earnings and investors who have been on the sidelines being pulled back in by this upward momentum to the market.
S&P 500 futures rose 8.2 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 climbed 105 points, and Nasdaq 100 futures gained 22.25 points.
Investors will also keep an eye on the Federal Open Market Committee's minutes from its September 20-21 meeting, to be released at 2 p.m. EDT.
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European shares rose 0.7 percent and hit their highest in more than five weeks, with mining stocks among the biggest winners, helped by higher metals prices and better-than-expected economic data. <.EU>
A rebound in Chinese shares helped lift most Asian stocks into positive territory, but advances were limited by concerns that corporate earnings would be weighed down by the fallout from Europe's debt crisis.
U.S. stocks took a breather on Tuesday after the best five days for the S&P 500 in more than two years as investors looked to earnings for a reason to extend a market rebound.
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)