Stock Futures Up on Reports of Spain Rescue Plan, iPhone 5 Sales
NEW YORK ( TheStreet) -- Stock futures were trading higher Friday on reports that Spain is getting ready to announce a financial rescue plan as soon as next week and as Apple (AAPL) shares spiked, up 0.38%, as the company's iPhone 5 went on sale across the globe Friday amid strong demand.
While the Federal Reserve might have provided "the key" to the equity market rally that has added 4% to the S&P 500 gauge in a month, "it still very much remains for the eurozone to turn it in the lock," noted Andrew Wilkinson, chief economic strategist at Miller Tabak. "Equity investors probably won't stop until they see 1500 on the S&P 500 index."
Futures for the Dow Jones Industrial Average were rising 57 points, or 52.07 points above fair value, at 13,572. The blue-chip index has risen more than 11% so far in 2012.
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