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Futures Add to Gains on Euro Zone Bailout Hopes

Futures extended their rally Wednesday, attempting to rebound from a three-day decline, following a German court ruling in favor of the country's participation in Greece bailout.

Shares in Europerallied as traders welcomed a ruling by Germany’s highest courtwhich rejected a series of lawsuits aimed at blocking Germany's participation in bailout packages for Greece and other euro zone countries.

The decision was expected, but nevertheless removed uncertainty surrounding Europe’s tackling of the debt crisis.

Also in Europe, Italian Prime Minister Silvio Berlusconi faces a confidence vote in the Senate following the latest changes to a widely criticized austerity package aimed at staving off financial crisis.

Meanwhile, President Obama, plans to announce a $300 billion job-creation packageduring his televised speech to Congress on Thursday, according to CNN, citing Democratic sources.

Yahoo jumped after the Internet company said it fired CEO Carol Bartz and replaced her on an interim basis with CFO Tim Morse, ending her tumultuous run at the helm of the group.

Also, Bank of America rallied after the banking giant made major changes to its staff, including the departure of Joe Price, head of consumer banking, and Sallie Krawcheck, head of global wealth and investment management.

Among energy companies, Chevron rose after the oil giant announced it made a deepwater discovery in the Gulf of Mexico.

BP CEO Tony Hayward has returned to the oil business with an agreement to acquire Turkish explorer Genel Energy via a reverse takeover to create a Kurdistan-focused group worth $4 billion.

Meanwhile, ConocoPhillips apologized for an oil spill in northern China, saying the firm will establish a fund to pay for the clean-up costs.

Nvidia jumped after the semiconductor maker said it expects fiscal 2013 sales well ahead of market expectations, helped by demand for its graphics chips.

Talbots slumped after the women's clothes retailer posted a wider-than-expected loss and said it expects the trend to continue in the current quarter.

Darden Restaurants declined after the parent company of Olive Garden warned that Hurricane Irene affected earnings in its fiscal first quarter.

On the economic front, weekly mortgage applications continued to decline, dropping 4.9 percent over the past week despite near record-low borrowing costs.

The central bank is scheduled to release its Beige Book assessment of economic conditions in each of its 12 U.S. districts at 2pm ET.

—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC

Coming Up This Week:

WEDNESDAY: Beige Book; Earnings from Hovnanian
THURSDAY: BoE announcement, ECB announcement, international trade, jobless claims, quarterly services survey, oil inventories, Bernanke speaks, consumer credit, TI mid-quarter update, OECD's global economic outlook, Obama talks jobs/economy; Earnings from Smithfield Foods
FRIDAY: McDonald's August Sales, wholesale trade, G7 finance ministers meet; Earnings from Kroger, Lululemon Athletica

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