Stock Market Today: Futures Higher as Market Builds Up for Further Climb
NEW YORK (TheStreet) -- The expected stock market correction remains elusive.
U.S. stock futures were looking at a fifth day of gains out of six on Friday, as the U.S. economy appears to be on track for a solid, sustained recovery. The eurozone shrugged off bad economic news that's been offset by hopes of more central bank stimulus, and geopolitical tensions eased a bit.
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"The tide appears to have turned in the short-run and markets are seemingly bullish again," said Phillip Futures investment analyst Howie Lee.
U.S. stock markets rallied into the close Thursday, with the tech sector advancing despite the fallout from Cisco's
European and Asian markets seemed intent on ignoring geopolitics this morning and focused instead on interest rates. The assumption is that weak economies and signs of incipient inflation will force central banks to continue keeping borrowing costs low.
Some data came in ahead of the open. U.S. producer prices rose 0.1% in July as expected, while the Empire State Manufacturing Index slid back in August but after a substantial gain in July. The U.S. economic calendar also includes July industrial production and capacity utilization figures at 9:15 a.m. and the August University of Michigan Consumer Sentiment Index at 9:55 a.m.
In Friday's top corporate headlines, the world's largest soda-maker Coca-Cola
Metals and mining company BHP Billiton
--By Andrea Tse in New York