Stocks head for a second day of gains

@CNNMoneyInvest November 29, 2011: 9:12 AM ET

Click chart for premarket data.

NEW YORK (CNNMoney) -- U.S. stocks looked to extend gains Tuesday, as investors remained optimistic that leaders are making progress on addressing the eurozone debt crisis.

The Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

A two-day meeting of eurozone finance ministers gets underway Tuesday and investors are hopeful of hearing more concrete details for a solution.

"We're still being held hostage by what's going on in Europe, but there's a little hope, a little optimism, that leaders will craft a solution that can solve the crisis -- or at least ward it off from becoming uncontrollable," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

Meanwhile, Moody's warned that 87 banks across 15 of the 17 eurozone countries could face downgrades and Italy auctioned €7.5 billion of 3- and 10-year bonds that drew the highest yields in years. Borrowing costs in Italy have been above the uncomfortable 7% mark for days but investors appear to be shrugging that off, for now.

World markets kept the momentum from the previous session early Tuesday, with investors continuing to cheer strong consumer spending and a possible pact between leaders aiming to take control of the eurozone's mounting debt.

European leaders are working on a new plan to ensure fiscal discipline across the euro area. The proposal is expected to give the European Union greater authority over the budget policies of individual eurozone nations.

Europe eyes new pact as debt crisis rages

"We've been teased with potential solutions before, but any effort that is demonstrable is enough to relieve the market of its worst anxieties," said Luschini.

Stocks rallied Monday following strong Black Friday sales and on optimism about a possible Europe solution.

World markets: European stocks were mixed in morning trading. Britain's FTSE 100 (UKX) ticked down 0.1%, the DAX (DAX) in Germany rose 0.1% and France's CAC 40 (CAC40) added 0.2%.

Asian markets ended with sharp gains. The Shanghai Composite (SHCOMP) and the Hang Seng (HSI) in Hong Kong climbed 1.2%, and Japan's Nikkei (N225) rallied 2.3%.

Economy: New data on home prices and consumer confidence will be released on Tuesday.

The S&P/Case Shiller index, a gauge of home prices in 20 major cities, dropped 3.6% in September compared to a year ago, following a 3.8% decline in the previous month. Analysts surveyed by expect prices to have dropped 3.0% versus a year ago.

The Conference Board's Consumer Confidence Index is expected to rise to 42.5 for the month of November, up from 39.8 in October.

Companies: Shares of Companies Tiffany & Co (TIF). sank 8% in premarket trading after the luxury jewelry retailer reported earnings that topped forecasts but reeled in its guidance for the fourth quarter.

American Airlines' parent company, AMR Corp. (AMR, Fortune 500), announced Tuesday that it has filed for Chapter 11 bankruptcy in order to "achieve a cost and debt structure that is industry competitive."

Shares of rival Southwest Airlines (LUV, Fortune 500) fell in premarket trading, while shares of United Continental (UAL, Fortune 500) edged higher.

Currencies and commodities: The dollar slumped against the euro, the British pound and the Japanese yen.

Oil for January delivery rose 70 cents to $98.91 a barrel.

Gold futures for December delivery added $4.50 to $1,750.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up to 2% from 1.96% late Monday.  To top of page

Index Last Change % Change
Dow 30,932.37 -469.64 -1.50%
Nasdaq 13,192.34 72.91 0.56%
S&P 500 3,811.15 -18.19 -0.48%
Treasuries 1.46 -0.06 -3.82%
Data as of 8:17pm ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.80%3.88%
15 yr fixed3.20%3.23%
5/1 ARM3.84%3.88%
30 yr refi3.82%3.93%
15 yr refi3.20%3.23%
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