Futures higher on economic data out of China

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Associated Press

Posted on October 18, 2013 at 8:05 AM

Updated Friday, Oct 18 at 8:33 AM

NEW YORK (AP) — U.S. stock futures are moving higher a day after the Standard & Poor's 500 hit a record high, with developments overseas rather than in Washington driving markets.

There are also some strong quarterly earnings reports from major U.S. corporations Friday.

Dow Jones industrial futures are up 19 points to 15,315. S&P futures have gained 2.3 points to 1,730.10. Nasdaq futures are up 14 points to 3,315.

China's economy appears to be rebounding, which is driving global markets higher in early trading.

The world's second-largest economy grew by 7.8 percent in the three months ending in September, which may give Beijing more room to allow for more steady and sustainable growth going forward.

In the U.S., both General Electric and Morgan Stanley topped Wall Street expectations for the third quarter.

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