Wall Street bounced back Tuesday as signs of strength in the U.S. economy overshadowed concerns about China's credit problems.
U.S. stock futures were inching up ahead of the opening bell, and investors were likely to welcome the breather after some bumpy, nerve-fraying sessions.
Markets had been volatile in recent days over fears the U.S. Federal Reserve will begin to ease its stimulus measures. A cash crunch in China only added to worries.
Positive economic news boosted the markets on Tuesday, and investors will have more data to consider after the markets open Wednesday.
At 8:30 a.m. ET, the Commerce Department will release its third estimate of gross domestic product for the first three months of the year.
In corporate news, General Mills (GIS, Fortune 500) and Monsanto (MON, Fortune 500) report earnings before the bell. Bed Bath & Beyond (BBBY, Fortune 500) will report after the markets close.
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On Tuesday, all three indexes rose as strong reports on housing and consumer confidence overshadowed concerns about China's credit problems. However, that followed a sizable drop on Monday.
Apollo Group (APOL), which owns for-profit University of Phoenix was down in after-hours trading Tuesday after reporting disappointing quarterly profits.
European markets were gaining some serious traction in morning trading, notching gains of roughly 1%.
Asian markets ended with mixed results. The Shanghai Composite index dipped by 0.4%. Hong Kong's Hang Seng rebounded throughout the day, closing with a nearly 2.5% gain. The Nikkei in Japan ended with a 1% loss.
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