Futures Extend Gains After Retail Sales
Futures added to their gains Friday following a better-than-expected retail sales in addition to a strong earnings report from Google and continued optimism over the euro zone will find a solution to its debt crisis.
On the economic front, U.S. retail sales jumped 1.1 percent in September, rebounding at their fastest pace in seven months, according to the Commerce Department. Economists had expected a gain of 0.7 percent, according to a Reuters poll. Sales growt during August was revised up to 0.3 percent.
Meanwhile, U.S. import prices unexpectedly gained 0.3 percent in September, logging their largest increase in five months amid higher fuel and food costs, according to the Labor Department. Economists polled by Reuters had expected prices to decline 0.3 percent last month.
Google rallied after the search-engine giant posted earnings and revenue that blew past expectations fueled by record spending in online advertising. At least four brokerages raised their price target on the firm.
Also on the earnings front, Mattel posted sales that topped estimates, but the toy company's profit only came in line with expectations, due to higher costs of making and packaging toys.
In Europe, Standard and Poor's cut Spain's credit rating, citing the challenges facing Europe's finance ministers as they prepare to meet counterparts from the Group of 20nations over the euro zone debt crisis.
And the Commerce Department issues Business Inventories for August. Economists in a Reuters survey expected a rise of 0.4 percent, a repeat of the July increase.
Apple gained as the iPhone 4S became available in stores.
China reported cooling inflation, but food price pressure could deter the central bank from loosening Chinese policy.
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