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Futures Narrowly Mixed After Economic Data

CNBC.com
Tuesday, 27 Nov 2012 | 9:04 AM ET

U.S. stock index futures remained flat Tuesday as investors continued to worry over the lack of progress on the looming "fiscal cliff," but news that international lenders agreed to a Greece deal helped limit losses.

European shares were higher after Greece's international creditors secured a deal to reduce the troubled nation's debt by 40 billion euros ($51.9 billion) and changed the debt target for the country to 124 percent of gross domestic product (GDP) by 2020, from 120 percent previously.

Jean-Claude Juncker, the head of the Eurogroup of finance ministers, said Greece would receive a tranche of 34.4 billion euros of aid on December 13, for which it has been waiting since June.

However investors in the U.S. will remain focused on politicians' efforts to resolve the $600 billion "fiscal cliff" of automatic tax hikes and spending cuts due to hit the U.S. economy at the end of the year. Negotiations are expected to resume this week as policymakers return to Washington from the Thanksgiving holiday.

On the economic front, durable goods were unchanged in October, according to the Commerce Department. Economists polled by Reuters expected a decline of 0.6 percent, compared with a gain of 9.8 percent in September.

Home prices rose for the sixth-consecutive month in September, according to the S&P/Case-Shiller home price index. The composite index gained 0.4 percent on a seasonally adjusted basis, in line with economists' forecasts.

Markets Hostage Until Fiscal Cliff Deal Reached
Joe Tanious, JPMorgan Funds, explains why he is "not yet quite comfortable" investing in Europe, despite seeing a value opportunity there. He also says he believes that in the end, rationality will prevail.

The Conference Board will release its consumer confidence index for at 10 a.m. Analysts polled by Reuters forecast a jump to 73 in November from 72.2 in the prior month.

ConAgra agreed to acquire Ralcorp in a deal worth nearly $5 billion to become the biggest private label food company in North America.

Corning rallied after the glass manufacturer said it sees stronger-than-expected fourth-quarter LCD glass volume and full-year sales of its gorilla glass approaching $1 billion, thanks to robust demand for LCD televisions and other consumer electronic devices in North America and China.

Facebook edged higher after Nomura boosted its price target on the social-networking giant to $32 from $27 a share.

In a quiet day for earnings, home security firm ADT posted better-than-expected earnings and said its board approved a $2 billion share repurchasing program over three years.

Green Mountain is scheduled to post earnings after the closing bell.

Dollar General will replace Cooper Industries to join the S&P 500 index after the close of trading Friday. The move comes as a result of Eaton's plans to acquire Cooper.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

TUESDAY: Durable goods orders, S&P Case-Shiller home price index, consumer confidence, FHFA home price index, Richmond Fed mfg index, 7-yr note auction; Earnings Green Mountain
WEDNESDAY: Weekly mortgage apps, new home sales, oil inventories, 2-yr note auction, Fed's Beige Book, Microsoft shareholders mtg; Earnings from Ann, Express, Aeropostale, La-Z-Boy, TiVo
THURSDAY: GDP, jobless claims, corporate profits, pending home sales, 5-yr note auction, chain-store sales; Earnings from Kroger, Tiffany, Barnes & Noble
FRIDAY: Personal income & outlays, Chicago PMI, farm prices

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