US Stock index futures rise after data on spending

March 30 (Bloomberg) -- U.S. stock-index futures advanced after a report showed personal spending and incomes increased more than economists forecast, bolstering speculation consumer spending will continue to power the economy.
Red Hat Inc., the biggest distributor of Linux software, climbed after its annual profit forecast topped analysts' estimates. Crude oil traded near a six-month high, lifting Exxon Mobil Corp. and Chevron Corp. shares.
``The consumer has been the driving force for the most part behind this economy,'' said Robert Pavlik, who helps manage $325 million as chief investment officer of Oaktree Asset Management in New York. ``It's more about maintaining growth right now than pretty much anything else.''
Standard & Poor's 500 Index futures expiring in June added 3 to 1434.5 at 9:01 a.m. in New York. Dow average futures climbed 14 to 12,430 and Nasdaq-100 Index futures gained 2.25 to 1790.25.
For the week, the S&P 500 has dropped 1 percent and the Dow average has declined 1.1 percent. The Nasdaq Composite Index has lost 1.3 percent.
Today is also the last trading day of the first quarter. The S&P 500 has gained 0.3 percent in the first three months of 2007, and the Nasdaq has risen 0.1 percent. The Dow has declined 0.9 percent.
Spending, Incomes
Both consumer spending and incomes gained 0.6 percent in February, the Commerce Department said. The average economist estimate compiled by Bloomberg for both was a 0.3 percent increase. Spending accounts for two-thirds of the economy. The Federal Reserve's preferred measure of inflation rose 0.3 percent. Economists expected a 0.2 percent gain.
The Reuters/University of Michigan's final reading for consumer sentiment, set for release at 10 a.m. Washington time, probably fell to 88.5 this month from 91.3 in February.
Red Hat advanced $1.41 to $24.55 after saying it expects to earn 67 cents to 72 cents a share, excluding some items, in the next fiscal year ending in February. That average analyst estimate in a Bloomberg survey was 63 cents.
Oil traded near a six-month high as 15 British sailors and marines seized in the Persian Gulf remained in Iranian custody for an eighth day. Crude futures rose 42 cents to $66.46 a barrel in London.
Exxon, the world's biggest energy company, added 18 cents to $76.38. Chevron, the largest refiner in the U.S. West, rose 5 cents to $75.
Dell Inc. retreated 69 cents to $22.70. The world's second- biggest personal-computer maker said it found evidence of misconduct and accounting errors as part of an investigation into its financial results.
Dendreon Soars
Dendreon Corp. soared $13.43 to $18.65. A Food and Drug Administration advisory panel voted 17-0 yesterday that the company's prostate cancer drug is safe, and 13-4 that it's ``substantially effective'' based on clinical trials. The FDA usually follows the advice of its advisory committees, although it isn't required to do so.
PMC-Sierra Inc. increased 38 cents to $6.68. The maker of chips for telecommunications equipment said it will close two research centers and cut about 175 jobs, or 15 percent of its workforce.
Tribune Co., the owner of the Chicago Tribune and the Cubs baseball team, added 97 cents to $32.50. Ron Burkle and Eli Broad increased their bid for the company to $8.2 billion, or $34 a share, said a person familiar with the situation. A rival offer from Sam Zell, a Chicago-based real-estate billionaire, is valued at $33 a share.
Nymex Holdings Inc. gained $2.28 to $138. The owner of the world's largest energy market was upgraded to ``buy'' from ``neutral'' at Banc of America Securities, which cited rising trading and volatility in the oil market