Futures Hold Gains After Economic News

Futures held modst gains Friday following a handful of economic news and a day after the S&P 500 cracked the 1,400 barrier for the first time in nearly four years.

U.S. industrial production was unchanged in February, snpping a three-month gain, according to the Federal Reserve, amid a drop in mining output.Meanwhile, capacity utilization, edged down to 78.7 percent. Economists expected a gain of 0.4 percent in production and a capacity utilization reading of 78.8 percent.

Meanwhile, consumer price index increased 0.4 percent in February as gasoline prices jumped, according to the Labor Department. Still, the gain was in line with economists' expectations. Excluding the food and energy category, core CPI edged up 0.1 percent, which was below economists' expectations in a Reuters poll for a 0.2 percent rise.

Investors are likely to look closely at Apple, after the stock price hit $600 in intraday trading for the first time the previous session as the company's iPad proved to be a hot-selling gadget in Asia.

However, some analysts believe the love for Apple's stock may be a bit too much and worry that the stock price could deflate, affecting the broader market.

Also on the economic front, the Thomson Reuters/University of Michigan Survey of consumer sentiment will be released at 9:55 am ET. Economists expect a rise in the index to 76.0 from 75.3 in the final February report.

Meanwhile, “quadruple witching”—the simultaneous expiration of various options and futures contracts that occurs on the third Friday of the third month of each quarter—may add to volatility, according to analysts.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

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FRIDAY: Industrial production, consumer sentiment, New iPad sold in Stores

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