U.S. Growth Quickens as Futures Signal Strong Start
NEW YORK (TheStreet) -- U.S. stock futures were moving higher Friday as the U.S. economy expanded at its fastest pace since late 2011 as consumers pushed up spending, a key driver of U.S. growth.
The Commerce Department reported that third-quarter 2013 gross domestic product grew 4.1% year-over-year, a bump higher from a previous reading of 3.6%, and as personal consumption increased 2%.
S&P 500 futures were up 4 points, or 3.7 points above fair value, to 1,806. Dow Jones Industrial Average futures were adding 23 points, or 30.92 points above fair value, to 16,138. Nasdaq futures were rising 8 points, or 9.32 points above fair value, to 3,500.8.
Major indices were poised for weekly gains as increasing confidence in underlying economic strength was punctuated by the Fed's plan of $10 billion tapering of economic stimulus starting in January.
Friday is quadruple-witching day and could see a session of increased trading volume.
U.S. stocks closed little changed Thursday after mixed economic reports did little to shake investor confidence. Stocks held steady after equity markets surged to record-highs on the tapering announcement.
BlackBerry BBRY was popping 2.72% to $6.41 after announcing a third-quarter loss of $4.4 billion and a five-year strategic partnership with Foxconn. CEO John Chen said the partnership "allows BlackBerry to focus on what we do best -- iconic design, world-class security, software development and enterprise mobility management."
Walgreen WAG was stumbling 2.13% to $55.73 after reporting a revenue miss and in-line quarterly earnings per share. Gross profit margin declined 1.3 percentage points.
-- Written by Andrea Tse in New York.
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