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Bullish economic view

Stock futures point to higher open ahead of reading on second-quarter GDP; oil up on refinery fire.
July 29, 2005: 6:19 AM EDT

NEW YORK (CNN/Money) - Investors are expecting good news from the latest reading on the strength of the U.S. economy due Friday.

S&P and Nasdaq futures rose in early trading, pointing to a higher start for U.S. stocks ahead of the report on second-quarter gross domestic product, due at 8:30 a.m. ET.

The first reading on GDP, the broadest measure of the nation's economy, is forecast to show an annual growth rate of 3.5 percent, according to economists surveyed by Briefing.com, which would be down slightly from the 3.8 percent growth rate posted in the first quarter.


Oil prices rose back above $60 a barrel after a fire at a BP oil refinery in Texas.

The September light crude futures contract gained 52 cents to $60.46 a barrel in electronic trading, while September Brent crude rose 48 cents to $59.24.

Major markets in Asia closed higher Friday. Major European markets rose to fresh three-year highs in early trading.

Bond prices edged lower, raising the yield on the 10-year treasury to 4.21 percent from 4.19 percent late Thursday.

The dollar gained ground against on the euro and the yen.

In corporate news, China's CNOOC is considering giving up on its $18.5 billion offer to take over U.S. oil producer Unocal Corp. (Research), according to Reuters and Japanese newspaper reports, citing opposition from the U.S. Congress. A CNOOC spokesman denied the report, saying the $67-a-share bid remains in effect.

If CNOOC pulls out, it would clear the way for Chevron (Research) to buy Unocal for $17 billion, or $63 a share in cash and stock. Chevron is also set to report second-quarter earnings before the market opens.

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