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NEW YORK (CNNMoney)
Expectations of a further rate cut from the European Central Bank and continued monetary support from the Federal Reserve later this week gave additional support to the market.
"The ECB meeting may be the most interesting event this week," wrote Marc Chandler, strategist for Brown Brothers Harriman. "The ECB indicated earlier this month that if economic data worsened, it was prepared to cut the refi rate."
Investors begin the week awaiting data on personal income and spending, after the government reported Friday that the U.S. economy grew at an annual pace of 2.5% in the first quarter.
U.S. stock futures were firmer Monday.
Stocks are on track to end April with gains this week, which would mark the fourth straight month of gains this year.
Consumer spending, which alone accounts for roughly two-thirds of GDP, rose at a 3.2% annual pace, the fastest pace since the end of 2010. But the data also shows that consumers funded that spending in part by saving less.
Investors will get another look at the issue when the Bureau of Economic Analysis releases data on personal income and spending for March at 8:30 a.m. ET. Personal income is expected to have increased 0.4% in March and personal spending is expected to have slipped 0.1%, according to a consensus of economist forecasts compiled by Briefing.com.
At 10 a.m. ET, the National Association of Realtors will release data on pending home sales.
Related: Fear & Greed Index, idling in neutral
In corporate news, controversial supplements company Herbalife (HLF) and gun maker Sturm Ruger (RGR) are set to release their quarterly results after the close.
JPMorgan Chase (JPM, Fortune 500) announced Sunday that another of CEO Jamie Dimon's key executives, co-chief operating officer Frank Bisignano, is leaving the firm and will be replaced by Matt Zames.
U.S. stocks finished mixed Friday.
European markets were mostly higher in morning trading after Enrico Letta was sworn in as Italy's prime minister, ending weeks of political deadlock and uncertainty in a country mired by recession.
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Greek lawmakers agreed to cut thousands of government jobs to secure another $11.5 billion in bailout funds.
Markets in Hong Kong added 0.1%. Exchanges in Shanghai and Tokyo were closed for a holiday.
First Published: April 29, 2013: 5:19 AM ET
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