Morning Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- U.S. stock futures were suggesting Wall Street would open slightly higher Friday on signs of an economic recovery in the U.S and a rebound in China's growth.

European stocks were higher while Asian shares ended Friday's trading session with gains.

Japan's Nikkei 225 index jumped 2.9% to close at 10.913.30, the highest finish in nearly three years, as the yen slipped against the dollar.

The Shanghai Composite Index rose 1.4%. China's economy grew 7.9% in the fourth quarter of 2012, up from the previous quarter's 7.4%.

The economic calendar in the U.S. Friday includes the University of Michigan consumer sentiment index at 9:55 a.m. EST.

U.S. stocks on Thursday rallied, as better-than-expected economic reports outweighed disappointing quarterly results from Bank of America(BAC) and Citigroup(C) .

The Dow Jones Industrial Average soared 85 points, or 0.63%, to 13,596. The blue-chip index has risen five days out of six.

The S&P 500 advanced 8 points, or 0.56%, to 1,481. The benchmark index traded at a five-year high at its intraday high of 1485.16.

The Nasdaq tacked on 18 points, or 0.59%, to 3,136.

General Electric(GE) is expected by Wall Street analysts on Friday to post fourth-quarter earnings of 43 cents a share on revenue of $38.74 billion.

Intel(INTC) , the world's largest chipmaker, exceeded analysts' fourth-quarter earnings estimates but issued guidance for the first quarter and full year 2013 below Wall Street views.

AT&T(T) said Thursday it would record a $10 billion fourth-quarter charge related to its pension and benefit plans.

The telecommunications giant also warned that high smartphone subsidies will put pressure on its fourth-quarter profit.

Morgan Stanley(MS) is expected by analysts Friday to post fourth-quarter earnings of 27 cents a share on revenue of $7.02 billion.