Futures rising with lingering hope for budget deal

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Associated Press

Posted on October 16, 2013 at 6:01 AM

Updated Wednesday, Oct 16 at 6:02 AM

NEW YORK (AP) — U.S. stock futures are rising as strong corporate earnings and lingering hope for an eleventh-hour deal that will head off a government default.

Hurried negotiations in the Senate may lead to a vote Wednesday, one day before Treasury Secretary Jacob Lew says the government will be forced to pay bills only with the remaining cash on hand and incoming tax receipts.

Dow Jones industrial futures are up 65 points to 15,160. S&P futures have gained 6.5 points to 1,698.50. Nasdaq futures are up 8 points to 3,248.75.

Strong earnings are also giving futures a boost.

Bank of America, PepsiCo and the toymaker Mattel all topped Wall Street expectations before Wednesday's opening bell.

Also Wednesday, the Federal Reserve issues the Beige Book, its anecdotal snapshot of business conditions around the nation.

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