NEW YORK (AP) — U.S. stock futures headed higher Tuesday even as investors appear increasingly uneasy about what comes next in Europe.
Dow Jones industrial average futures rose 55 points to 12,365. Standard & Poor’s 500 futures gained 4.3 points to 1,304.60, and Nasdaq composite futures added 9.25 points to 2,519.25.
Global markets are already repeating patterns seen Monday, when relief over a $125 billion lifeline to Spain from the European Union turned into apprehension about how little that changes.
On Tuesday, Spain’s borrowing costs jumped for the second time in as many days, edging closer to levels that sent Greece, Ireland and Portugal into triage.
The interest rate — or yield — on Spain’s 10-year bond rose to 6.63 percent, close to the 7 percent level that forced the three other countries to seek assistance from the EU and elsewhere.
Stocks slipped early on Madrid’s IBEX-35 index, then turned to positive territory and were up 0.9 percent in midday trading.
France’s CAC-40 rose 0.3 percent to 3,053, while the DAX in Germany gained 0.6 percent at 6,177. The FTSE index of leading British shared climbed 0.4 percent to 5,452. The euro also moved up, rising 0.2 percent to $1.2501.
This weekend, an election in Greece may determine whether that economically troubled nation cuts itself free from the EU currency altogether.
The potential for a broader economic strain in Europe helped push benchmark crude prices to an eight-month low. In electronic trading on the New York Mercantile Exchange, a barrel of crude dropped to $81.07, the lowest since October, after giving up $1.40 Monday.
Gasoline prices have also fallen in the U.S. which has buoyed consumer spending, a major economic driver.
Michael Kors reported Tuesday that its fourth-quarter profit more than tripled on strong demand grew for its luxury clothing and accessories. The company also boosted its earnings expectations for the quarter and the year.
The company’s outlook appeared to relieve investors. The luxury consumer has recovered from the recession better than other shoppers, but a warning last month from jeweler Tiffany & Co. has raised concerns that wealthy U.S. shoppers may be cutting back on purchases.
Shares of Michael Kors Holdings Ltd. spiked 14 percent in premarket trading.