US stock futures rise on hopes for China stimulus

US stock futures rise on hopes for China stimulus

NEW YORK (AP) — U.S. stock futures are rising on optimism that China will take steps to boost its economy which has been growing at a slower pace.

Dow futures are up 79 points to 12,508. The broader S&P 500 futures are up 8 points to 1,323. Nasdaq futures are up 21 points to 2,545.

The gains in U.S. stock futures contrast with weakness in European markets because of concerns that Spain’s ailing banking sector might worsen the European debt crisis.

The movements following a three-day weekend come ahead of a report on home prices and the release of the Conference Board’s Consumer Confidence Index for May. Economists expect the confidence figure to edge up to 70, an improvement over April’s 69.2 but still far from the 90 that indicates a healthy economy.