Stock market up early as Europe awaits Greek elections
Stock market futures in the US rose Friday after a volatile week, as Europe brased for the results of elections in Greece. The stock market is anticipating action by major European central banks to head off a crisis in the region.
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The comment Friday would typically not arouse that much interest, but it followed a report Thursday from Reuters, which is being downplayed by banking officials, that central banks will act in concert to stem any fallout from national elections in Greece this weekend.
Economists are watching political events in Athens closely, as they may determine if the country remains within 17-nation economic pact.
The U.S. Federal Reserve will post industrial production numbers Friday and economists predict that factories cut back on production for the second time in three months in May.
There was at a hint before the report was released that suggested economists are right, and that growth in the key economic sector may be slowing.
A New York manufacturing index slid almost 15 points, meaning that the sector is barely growing.
The Federal Reserve Bank of New York's Empire State Manufacturing Survey showed that the business conditions index fell from 17.09 in May, to 2.29 in June. The shipments index tumbled to 4.81 in June from 24.14 last month.