NEW YORK (CNNMoney.com) -- U.S. stocks were poised to open higher Friday after European leaders agreed on an aid package for Greece and as investors digested the final revised figure for 4th quarter economic growth.
Dow Jones industrial average, S&P 500, and Nasdaq 100 futures were higher.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins.
Stocks gave up gains Thursday, ending little changed, as a late-session bounce in the dollar sapped the strength out of a rally that had pushed all three major indexes near new 18-month highs.
So far this week, the Dow and Nasdaq are up about 1%, and the S&P 500 is slightly higher.
"The economic recovery, while well-entrenched, is still relatively fragile," said Mark Luschini, a chief investment strategist at Janney Montgomery Scott. "Over the last couple days, markets have tried to move higher, but the bubble has been pinched along the way."
However, without any "jarring" economic news Friday, Luschini expects the market to eke out modest gains.
Greece bailout: European leaders agreed on a long-awaited rescue plan for debt-ridden Greece at the European Union summit in Brussels.
"This will lend some calm to the market," said Luschini. "The market hates uncertainty, so this will remove a couple layers of uncertainty to know that something has been resolved there."
The aid package would provide Greece bilateral loans from euro zone countries and the International Monetary Fund.
European Central Bank President Jean-Claude Trichet, who originally opposed IMF assistance, said he backs the plan.
Economy: The government revised fourth-quarter gross domestic product to an annual rate of 5.6%, down from the previous reading of a 5.9% rise.
Economists surveyed by Briefing.com had expected GDP growth to remain unchanged at 5.9%.
The final March reading on consumer sentiment from the University of Michigan is also due shortly after the start of trade. It is expected to have risen to 73 from 72.5 the previous month.
"Investors are going to be parsing that closely today to see where the consumer psyche is relative to his or her ability to help prop up the economy," said Luschini.
The state-by-state unemployment figures for February are also on tap at 10 a.m. ET.
Companies: UBS (UBS) is cutting about 200 jobs from its U.S. brokerage unit, 1.2% of the unit's workforce, a company spokeswoman confirmed.
World markets: Asian stocks ended higher. In Japan, Tokyo's Nikkei index gained 1.6%, while the Hang Seng in Hong Kong added 1.3%.
In Europe, Britain's FTSE 100, France's CAC 40 and Germany's DAX were lower in early trade.
The dollar and commodities: The dollar slipped against the euro, pound and yen.
Crude oil for May delivery gained 43 cents to $80.96 a barrel.
The price of gold for April delivery rose $4.50 an ounce to $1,097.40.
Treasurys: The price of the benchmark 10-year note was higher, lowering the yield to 3.86%.
Overnight Avg Rate | Latest | Change | Last Week |
---|---|---|---|
30 yr fixed | 3.80% | 3.88% | |
15 yr fixed | 3.20% | 3.23% | |
5/1 ARM | 3.84% | 3.88% | |
30 yr refi | 3.82% | 3.93% | |
15 yr refi | 3.20% | 3.23% |
Today's featured rates:
Index | Last | Change | % Change |
---|---|---|---|
Dow | 32,627.97 | -234.33 | -0.71% |
Nasdaq | 13,215.24 | 99.07 | 0.76% |
S&P 500 | 3,913.10 | -2.36 | -0.06% |
Treasuries | 1.73 | 0.00 | 0.12% |
Company | Price | Change | % Change |
---|---|---|---|
Ford Motor Co | 8.29 | 0.05 | 0.61% |
Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
General Electric Co | 13.00 | -0.16 | -1.22% |
Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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