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Stock futures rise on earnings optimism

    NEW YORK (Reuters) - U.S. stock index futures rose on Tuesday on strong earnings from Goldman Sachs and IBM and on expectations of good results from Coca-Cola and Apple.

    Goldman Sachs Group Inc shares rose 1.6 percent to $166 in premarket trading after it reported that first-quarter earnings nearly doubled, easing concerns after the Wall Street powerhouse was charged with fraud last week.

    International Business Machines Corp declined 1.6 percent to $130.10 in early trading, a day after posting better-than-expected profits but disappointing gross margins.

    Citigroup Inc advanced 2.1 percent to $4.98 after recording its best quarterly results in nearly three years on Monday.

    S&P 500 futures rose 4.1 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 21 points and Nasdaq 100 futures added 8 points.

    UnitedHealth Group Inc jumped 3.4 percent $32.30 in light premarket trading after the largest U.S. health insurer by membership soared past estimates and raised its full-year earnings forecast.

    Other major companies set to announce results include Apple Inc , Yahoo Inc , Coca-Cola Co and Johnson & Johnson .

    Retailers will be on the spotlight in an otherwise light day for economic indicators as ICSC/Goldman Sachs release chain store sales data at 7:45 a.m. EDT (1145 GMT), while at 8:55 a.m. EDT (1255 GMT) Redbook releases its retail sales index of department and chain store sales.

    Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner are to testify around 11 a.m. EDT (1500 GMT) on the Lehman Brothers collapse before the House Financial Service Committee. Former Lehman Chief Executive Richard Fuld is also due to appear.

    Crude oil futures rose past $82 a barrel, rebounding from three-week lows, as jet fuel demand increased after European planes began flying again. A massive ash cloud originating in Iceland was receding and freeing European airspace after five days of airport closures.

    U.S. stocks rose on Monday as investors reassessed the potential damage of the Goldman fraud case and earnings optimism grew.

    (Editing by Jeffrey Benkoe)

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