Stock futures add to mild gains after better-than-expected GDP
U.S. stock-index futures added to modest gains on Friday, with the Dow continuing to break records, after the government reported the U.S. economy expanded more than projected in the third quarter.
Stock futures after the data that gross domestic product at 4.1 percent, above the 3.6 percent projected by economists.
Wall Street rallied mid-week after the Fed moved to cut stimulus, with investors embracing the move as a signal the Fed views the economy's strength as sustainable, and the actions of the Fed are still dominating investors' actions across the globe come Friday
On Thursday, the Dow Jones Industrial Average rose 11.11 points, or less than 0.1 percent, to 16,179.08, a record close, and futures signaled it would climb once more come Friday's open.
While the Fed's actions indicated a belief in a decent economic recovery, data Thursday sent mixed signals. Existing home sales fell to their lowest level in nearly a year and new claims for jobless benefits climbed last week to a near nine-month high.
"Tumultuous week for the equity market is coming to an end, during which we have seen the biggest firework of this year—the Fed taking it easy on the tapering paddle," wrote Naeem Aslam, chief market analyst at Ava Trade in a morning note. "The equity market across the globe has made an all-time high on the back of the optimism that the recovery and confidence in the U.S. market have returned, and this why the Fed were confident enough to start wrapping up their ultra loose monetary policy."
Elsewhere, European equities were mixed in morning trade on Friday after stellar gains in the previous session as investors reacted to the Fed. China's benchmark Shanghai Composite closed at its lowest levels since Aug. 23 on Friday due to concerns of tight liquidity while trade in the rest of Asia was mixed.