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Futures higher, pointing to another market swing

Published on NewsOK Modified: February 5, 2013 at 8:09 am •  Published: February 5, 2013

NEW YORK (AP) — Stock futures rose Tuesday after the biggest sell-off this year, with strong economic data coming out of Europe and the U.S. service industry expected to show further expansion, though at a slower pace.

There is also new data showing that U.S. home prices spiked in December at the fastest pace in more than six years.

Dow Jones industrial futures rose 44 points to 13,889. The broader S&P futures added 5.2 points to 1,498.60. Nasdaq futures gained 9.75 points to 2,721.25.

Another ride higher appears to be on the way in major markets Tuesday after a significant downturn Monday, the first trading day since the Dow surpassed 14,000 for the first time since 2007.

Investors are taking cues from corporate earnings, with little in the way of economic indicators from the government this week. Chain store sales figures from January will be released Thursday, but that can be volatile.

The Institute for Supply Management releases its index of service firms Tuesday. Economists forecast that the index dipped to 55.2 in January from 55.7 in December.

Any reading above 50 indicates growth at businesses that employ roughly 90 percent of the U.S. workforce, from retail and construction companies to health care and financial services firms.

Weighing down the index for January, after it levels not seen in almost a year in the prior month, was an increase in Social Security taxes, which began on Jan. 1.

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