Futures Rise on Europe, Retail Sales Growth
NEW YORK (TheStreet) -- Stock futures were pointing to stronger open Friday, helped by strength across Europe and news that U.S. retail sales grew in July.
Futures for the Dow Jones Industrial Average were up by 88 points, or 63 points above fair value, at 11,172. Futures for the S&P 500 were higher by 11 points, or 9 points above fair value, at 1179, and Nasdaq futures were ahead by 15 points, or 8 points above fair value.
Stocks surged Thursday, with the Dow retracing much of its recent decline as strength across the tech sector and a surprise decline in initial jobless claims gave markets some relief from European contagion concerns.
European markets were rallying after European regulators imposed temporary bans on short-selling financial shares. The decision to prevent traders from betting on a stock's decline came after rumors about the instability of French banks spurred steep selloffs across global markets.The FTSE in London was gaining 2.2%, the DAX in Frankfurt was surging 2.9%, and the CAC-40 in Paris was trading 2.5% higher. In Asia, Hong Kong's Hang Seng closed 0.1% higher while Japan's Nikkei shed 0.2%. In the first of two consumer reports due out on Friday, the Census Bureau said retail sales rose 0.5% in July, meeting economists' expectations, after rising 0.3% in June. Excluding autos, sales still showed a 0.5% increase, which exceeded forecasts for a rise of 0.2%. In June, retail sales, excluding autos, advanced 1%. At 9:55 a.m., the University of Michigan will release its read on August consumer sentiment. The report will likely garner a lot of market attention since it has been such a volatile month for the stock market. Economists expect sentiment to dip to 62.5 in August, compared with July's reading of 63.7.
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