Stocks set to keep climbing
Futures gain as investors await slew of economic readings; dollar surges, oil sinks nearly $2 a barrel.
NEW YORK (CNNMoney.com) -- Stocks looked set Friday to extend the previous session's advance as oil prices fell further and the dollar rallied.
Less than three hours before the open, Nasdaq and S&P futures were higher, suggesting early gains for Wall Street.
Stocks rose Thursday, ending a two-session losing streak as investors cheered lower oil prices and picked up shares battered in the recent selloff.
Oil: Crude futures dropped below $114 a barrel amid worries that the slowing global economy will crimp demand for oil.
U.S. crude for September delivery fell $1.68 to $113.33 a barrel in electronic trading on the New York Mercantile Exchange.
Dollar: The dollar rose to a two-year high against the British pound and extended its gains against the euro.
The greenback also gained against the yen.
Economy: A slew of readings are due out, including a report on capacity utilization and industrial production. The New York Empire State manufacturing index is also on tap, as is the University of Michigan's preliminary August reading on consumer sentiment.
Retail: Abercrombie and Fitch (ANF) and J.C. Penney (JCP, Fortune 500) are both due to report quarterly earnings before the opening bell. Their results come a day after Wal-Mart (WMT, Fortune 500) posted solid second-quarter profit and sales.
Late Thursday, department store operators Nordstrom (JWN, Fortune 500) and Kohl's (KSS, Fortune 500) reported double-digit declines in profit, but still managed to stay ahead of analysts' expectations.
Buffett: Berkshire Hathaway (BRKA, Fortune 500), the investment firm run by billionaire Warren Buffett, revealed a stake in the energy wholesaler NRG Energy (NRG, Fortune 500) late Thursday, in a filing with Securities and Exchange Commission. The filing also revealed that Berkshire acquired additional shares of train operator Union Pacific (UNP, Fortune 500).
World markets: Stocks in Asia finished mixed as commodity shares retreated. Markets in Europe advanced in morning trading. 
-
Business owners are growing their sales by swapping everything from boats to lingerie. More -
President Obama's plan would give small banks access to capital, but they are wary of TARP traps. More -
Minimum wage to $20 an hour. That's what Sally Delk hopes for with a job at the nuclear power plant. More
