RTTNews - US stocks were looking to extend their strong gains from the previous session Tuesday morning in New York ahead of another round of key housing data and as traders mulled quarterly results from Home Depot.

As of 6:15 am ET, the Dow Futures were up 50 points, the NASDAQ Futures were up 5 points, and the S&P Futures were up 3 points.

After a notably lower close in the previous session, stocks rallied on Monday, bolstered by hopes about the housing market. The Dow closed up 235.44 at 8504.08, the Nasdaq finished up 52.22 at 1732.36, and the S&P 500 closed higher by 26.83 at 909.71.

Traders considered a report from the National Association of Home Builders that said its index of homebuilder sentiment rose to 16 in May, compared to a level of 14 in April. The figure was the best reading since September, fueling speculation that the housing sector is bottoming and economic recovery may be around the corner.

Tuesday will see the release of more data about the housing market in the US, with the government scheduled to release statistics on new home building activity.

New home construction is expected to have risen to a seasonally adjusted annual rate of 520,000 in April, from March's 510,000 units, according to Wall Street economists surveyed by Thomson Reuters.

The cavalcade of housing reports will continue next week, when reports on sales of newly-built homes and on sales of previously-owned homes will be released.

Home Depot Inc. (HD) reported first quarter net earnings of $514 million or $0.30 per share, compared to net earnings of $356 million or $0.21 per share, in the same period in fiscal 2008.

On an adjusted basis, net earnings for the quarter were $587 million or $0.35 per share, compared to adjusted net earnings of $697 million or $0.41 per share, in the same period of fiscal 2008.

Meanwhile, the White House is expected to announce a new set of automobile emissions standards on Tuesday.

American Express (AXP) on Monday announced a series of cost cutting measures, including 4,000 job cuts, expected to produce cost benefits of about $800 million during the remainder of 2009.

HSBC Holdings Plc (HBC ,HSBA.L) and Bank of East Asia Ltd. reportedly have received the approval of the Chinese government to issue yuan-denominated bonds in Hong Kong. The Chinese government's move is seen as part of its efforts to encourage the use of yuan as a reserve currency and reduce the role of the U.S. dollar.

Personal computer maker Hewlett-Packard Co. (HPQ) will publish second quarter results after market closes on Tuesday, with analysts estimating earnings of $0.86 per share on revenues of $27.42 billion.

Asian stocks surged Tuesday, with Tokyo's Nikkei jumping almost 3 percent. European shares were higher across the board in early dealing.

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