NEW YORK (Reuters) – Stocks index futures rose on Friday after a week-long Wall Street sell-off as oil prices stabilized.
In late trading on Thursday, the S&P 500 clawed back from early losses that were triggered by concerns that higher oil prices could stifle economic growth. The index ended down 0.1 percent but well off its lows.
S&P 500 futures rose 8.4 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 67 points, and Nasdaq 100 futures added 19.25 points.
"I was encouraged by the rebound in stock prices late yesterday," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York. "Investors are still worried about oil prices, but as long as (oil) stays at current levels, we will see people coming into the market for some bargain hunting," after the week-long sell-off.
Brent crude hovered above $112, backing off highs, after a senior industry source said Saudi Arabia, a big oil exporter, was increasing output.
The U.N. Security Council was to meet to discuss sanctions against Libya leaders who are locked in a bloody battle for survival against a popular uprising.
The S&P 500 is down 2.7 percent for this week, partly on worries that political unrest in oil-rich Libya could spread to major oil-producing countries and result in persistently higher energy prices at the expense of a fragile global economic recovery.
Macroeconomic data due Friday include U.S. fourth-quarter preliminary gross domestic product at 8:30 a.m. EST, and February's final Reuters/University of Michigan consumer sentiment survey at 9:55 a.m. EST.
The second reading of U.S. GDP data is expected to show an annual growth rate of 3.3 percent, compared with a previous reading of 3.2 percent, according to analysts in a Reuters survey. For consumer sentiment, the survey forecasts a reading of 75.3, little changed from 75.1 previously.
In company news, Boeing Co (BA.N) rose 4.9 percent to $74.25 in premarket trade after the planemaker said late Thursday it won a $30 billion contract to build 179 new U.S. Air Force refueling planes.
American International Group Inc (AIG.N) rose 1 percent to $40.85 premarket after the bailed-out insurer reported a profit of$11.2 billion in the fourth quarter on asset sales. Almost one-third of Apple Inc (AAPL.O) shareholder votes cast were in favor of a proposal to disclose a succession plan for Chief Executive Steve Jobs, who took a third medical leave for unknown reasons.
(Reporting by Angela Moon editing by Jeffrey Benkoe)
In late trading on Thursday, the S&P 500 clawed back from early losses that were triggered by concerns that higher oil prices could stifle economic growth. The index ended down 0.1 percent but well off its lows.
S&P 500 futures rose 8.4 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 67 points, and Nasdaq 100 futures added 19.25 points.
"I was encouraged by the rebound in stock prices late yesterday," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York. "Investors are still worried about oil prices, but as long as (oil) stays at current levels, we will see people coming into the market for some bargain hunting," after the week-long sell-off.
Brent crude hovered above $112, backing off highs, after a senior industry source said Saudi Arabia, a big oil exporter, was increasing output.
The U.N. Security Council was to meet to discuss sanctions against Libya leaders who are locked in a bloody battle for survival against a popular uprising.
The S&P 500 is down 2.7 percent for this week, partly on worries that political unrest in oil-rich Libya could spread to major oil-producing countries and result in persistently higher energy prices at the expense of a fragile global economic recovery.
Macroeconomic data due Friday include U.S. fourth-quarter preliminary gross domestic product at 8:30 a.m. EST, and February's final Reuters/University of Michigan consumer sentiment survey at 9:55 a.m. EST.
The second reading of U.S. GDP data is expected to show an annual growth rate of 3.3 percent, compared with a previous reading of 3.2 percent, according to analysts in a Reuters survey. For consumer sentiment, the survey forecasts a reading of 75.3, little changed from 75.1 previously.
In company news, Boeing Co (BA.N) rose 4.9 percent to $74.25 in premarket trade after the planemaker said late Thursday it won a $30 billion contract to build 179 new U.S. Air Force refueling planes.
American International Group Inc (AIG.N) rose 1 percent to $40.85 premarket after the bailed-out insurer reported a profit of$11.2 billion in the fourth quarter on asset sales. Almost one-third of Apple Inc (AAPL.O) shareholder votes cast were in favor of a proposal to disclose a succession plan for Chief Executive Steve Jobs, who took a third medical leave for unknown reasons.
(Reporting by Angela Moon editing by Jeffrey Benkoe)
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