U.S. stock index futures were higher Friday, a day after the S&P 500 logged its seventh-straight rally, following a batch up upbeat earnings reports and ahead of a key housing report.

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The S&P 500 closed higher for the seventh-consecutive session in the previous session after crossing above the 1,500 level for the first time since December 2007. (Read More: S&P Tops 1,500: Where the Market Goes From Here)

"Although the accommodative stance of the Fed's monetary policy is a powerful force which we think will exert further upward pressure on equity prices, we forecast the index to creep up only a little further – to 1,550 – by mid-year. What's more, we think it will be back down to its current level by the end of 2013," economists John Higgins and Paul Dales of Capital Economics said.

The S&P 500 closed higher for the seventh-consecutive session Thursday after crossing above the 1,500 level for the first time since December 2007, but Apple ended near session lows, putting a damper on the tech-heavy Nasdaq.

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U.S. stock index futurescontinued to trade mixed Thursday despite a better-than-expected jobless claims report, as disappointing Apple earnings weighed on technology stocks.

On the economic front, weekly jobless claims fell 5,000 to a seasonally adjusted 330,000, dropping to its lowest level in nearly five years, according to the Labor Department . Analysts polled by Reuters had expected claims to rise to 355,000 last week.

"The Fed Chairman [Ben Bernanke] said he wants to see substantial gains in the labor market before they're going to take the foot off the pedal—so this isn't enough to bring us there yet, but this is not a bad number," said Jim Iuorio, director at TJM Institutional Services.

Stocks finished higher for the fourth-consecutive session Wednesday, with the S&P 500 within striking distance of the 1,500 level and the Dow Jones closing at its best level in five years, lifted by a batch of stronger-than-expected earnings.

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U.S. stock index futures hovered around the flatline Wednesday as investors digested a batch of corporate earnings results and following the recent rally that took major averages to their best levels in more than five years.

Among tech earnings, Google rallied after the search-engine giant posted earnings that topped expectations. IBM also gained after the technology services company reported quarterly results that exceeded projections, thanks to growth in emerging markets.

Also among earnings, United Technologies edged higher after the conglomerate also beat expectations, even though profit actually declined. Fellow Dow component McDonald's climbed after the fast-food giant topped earnings and revenue expectations, but warned that it sees sales lower early in the first quarter.

Meanwhile, Coach plunged after the leather-goods retailer reported holiday quarter sales below Wall Street estimates as a tough economy and stiff competition in the women's handbags segment hurt sales in North America.

Stocks reversed earlier losses to close higher for a third-straight session Tuesday, with the Dow and S&P 500 extending their recent multi-year gains, ahead of a busy week of corporate earnings and amid hope for a deal on the debt ceiling.

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U.S. stock futures were flat Tuesday, after major averages hit multi-year highs last Friday, as investors hesitated to jump in ahead of several major earnings reports.

Markets were closed Monday for Martin Luther King Day. On Friday, the Dow and S&P 500 climbed during the last hours of trading to finish the week at their highest levels since December 2007. Markets were closed for the Martin Luther King national holiday on Monday.

"With equities looking technically overbought in the short term, Obama's return to the daily grind should see a heating up of the debt ceiling debate which could see short term investors heading for the sidelines," wrote Mike McCudden, head of derivatives at stockbroker Interactive Investor. (Read More: Obama Lays Out Battle Plan as Second Term Kicks Off)

The Dow and S&P 500 turned decisively higher in the final minutes of trading to close at their best level since December 2007 and all three major averages turned in their third-straight weekly gain.

Stocks wavered around the flatline for most of the session following a weaker-than-expected consumer sentiment report and a mixed batch of corporate earnings. (Read More: Why This Bull Market Gets No Respect)

U.S. stock index futureswere narrowly mixed as investors digested a batch of corporate earnings.

Dow component General Electric rallied after the conglomerate posted earnings and revenue that beat estimates as the maker of jet engines and wind turbines looks to expand in developing markets. GE is a minority owner of NBC Universal, the parent company of CNBC.

With businesses spanning multiple industries, GE's results will serve as a bellwether for other S&P 500companies, said Art Hogan of Lazard Capital Partners.

"It's attached to so many different verticals in the S&P 500. When you have General Electric that is a pretty good window into what the rest of the S&P is doing in terms of supply and demand," Hogan said.

Stocks ended sharply higher Thursday, with the S&P 500 at its best level in more than five years, as Wall Street cheered a pair of encouraging data and largely shrugged off weakness in financials.

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"For the last four or five trading sessions, the market has been challenging and testing the 2012 high and we'll have to watch if we stay above it," said Kenny Polcari, director of floor operations at O'Neil Securities. "Today,we're rallying on better jobs and housing numbers."