Futures rising with lingering hope for budget deal

AAA  Oct. 16, 2013 8:00 AM ET
Futures rising with lingering hope for budget deal
AP

Trader Robert Charmak, left, works on the floor of the New York Stock Exchange Tuesday, Oct. 15, 2013. World stock markets fluctuated between gains and losses Wednesday Oct. 16, 2013 as a deadline for divided U.S. lawmakers to agree on a higher government borrowing limit drew ever closer. (AP Photo/Richard Drew)

Trader Robert Charmak, left, works on the floor of the New York Stock Exchange Tuesday, Oct. 15, 2013. World stock markets fluctuated between gains and losses Wednesday Oct. 16, 2013 as a deadline for divided U.S. lawmakers to agree on a higher government borrowing limit drew ever closer. (AP Photo/Richard Drew)

A view of the U.S. Capitol building on Tuesday, Oct. 15, 2013 in Washington. The partial government shutdown is in its third week and less than two days before the Treasury Department says it will be unable to borrow and will rely on a cash cushion to pay the country's bills. (AP Photo/ Evan Vucci)

President Barack Obama, center, and Vice President Joe Biden, center left, meet with Democratic Leadership in the Oval Office of the White House, Tuesday, Oct. 15, 2013, in Washington. Sitting with them are from left to right, Rep. Steve Israel, D-N.Y., House Minority Leader Nancy Pelosi of Calif., Rep. James Clyburn, D-S.C., Rep. Xavier Becerra, D-Calif., Rep. Joseph Crowley, D-N.Y. The partial government shutdown is in its third week and less than two days before the Treasury Department says it will be unable to borrow and will rely on a cash cushion to pay the country's bills. (AP Photo/Pablo Martinez Monsivais)

Speaker of the House John Boehner, R-Ohio, with House GOP leaders, speaks with reporters following a Republican strategy session, at the Capitol in Washington, Tuesday, Oct. 15, 2013. Behind Speaker Boehner are House Majority Whip Kevin McCarthy, R-Calif., and Rep. Cathy McMorris Rodgers, R-Wash., the Republican Conference chair. House GOP leaders Tuesday pitched a plan to fellow Republicans to counter an emerging Senate deal to reopen the government and forestall an economy-rattling default on U.S. obligations. But they stopped short of promising a vote later in the day after the plan got mixed reviews from the rank and file. (AP Photo/J. Scott Applewhite)

NEW YORK (AP) — U.S. stock futures are rising as strong corporate earnings and lingering hope for an eleventh-hour deal that will head off a government default.

Hurried negotiations in the Senate may lead to a vote Wednesday, one day before Treasury Secretary Jacob Lew says the government will be forced to pay bills only with the remaining cash on hand and incoming tax receipts.

Dow Jones industrial futures are up 65 points to 15,160. S&P futures have gained 6.5 points to 1,698.50. Nasdaq futures are up 8 points to 3,248.75.

Strong earnings are also giving futures a boost.

Bank of America, PepsiCo and the toymaker Mattel all topped Wall Street expectations before Wednesday's opening bell.

Also Wednesday, the Federal Reserve issues the Beige Book, its anecdotal snapshot of business conditions around the nation.

Associated Press



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