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Wall Street looks to resume rally after Greek accord; oil rises

U.S. stock index futures indicated a higher open Wednesday, continuing a "risk-on" rally in global indexes after positive economic data, rising oil prices, and a new debt deal for Greece.

U.S. stocks posted their best day since March on Tuesday with gains of more than 1 percent, following encouraging reports on the housing market. But the positive news continued overnight with euro zone finance ministers agreeing with Greece and the International Monetary Fund (IMF) on what they called a "breakthrough" deal that will address Athens' requests for debt relief.

European stocks were trading higher on Wednesday morning with Asian shares also posting gains overnight.

"Anyone tiring of the sideways moves in equity indices should be thrilled. We have finally broken out of the range and despite some technical signals to the contrary, the move has been to the upside," Brenda Kelly, the head analyst at London Capital Group, said in a note.

"Yesterday's surprisingly good new home sales data out of the U.S. was something of a catalyst – but I would not rule out this being a temporary squeeze before the next leg down for U.S. indices."


Meanwhile, U.S. oil prices rose more than 1 percent to $49.26 a barrel.

On Wednesday, earnings are due from Costco and NetApp, among others.

The U.S. advance April goods trade deficit was $57.53 billion, Reuters said.

The March U.S. Federal Housing Finance Agency House Price Index rose 0.7 percent from the prior month.

Also on Wednesday, the U.S. Energy Information Administration oil and fuel releases inventory data at 10:30 a.m. EDT.

Meanwhile, investors will also monitor comments from Federal Reserve members for more hints on when the central bank could next raise rates. Philadelphia Fed's Patrick Harker is due to speak at 9 a.m. ET, Minneapolis Fed President Neel Kashkari will speak at 11:40 a.m. ET and Dallas Fed President Rob Kaplan will talk at 1:30 p.m. ET.

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Overnight, St. Louis Fed President James Bullard told CNBC that a U.S. Federal Reserve rate hike in June or July wasn't set in stone, but labor data suggested it was time to pull the trigger. "There's no reason to prejudge June," Bullard said, adding that the Federal Open Markets Committee would look at the data and decide then.