GE earnings, manufacturing and consumer reports to help markets end busy week.
January 16, 2004: 6:18 AM EST
NEW YORK (CNN/Money) - General Electric's in line with estimates earnings and reports on manufacturing and consumer sentiment help U.S. stock markets wind up a busy week Friday.
At 6:15 a.m. ET, futures pointed to a higher start for the major indexes.
GE -- the conglomerate behind jet engines, refrigerators and "Queer Eye for the Straight Guy," among other things -- reported fourth-quarter earnings of 45 cents a share, up from 31 cents a year earlier, according to a consensus of economists surveyed by First Call. The report and subsequent conference call will be watched for indications that the company's 2004 results are on target.
Among U.S. stocks trading in Europe, GE shares rose more than 1 percent early Friday.
After the close Thursday, network computer maker Sun Microsystems posted a narrower fiscal second-quarter loss on revenue that was not as low as analysts forecast. Sun shares were more than 2 percent higher in European trading.
Just before trading begins, the government issues its report on industrial production and capacity utilization for December. Economists surveyed by Briefing.com expect a 0.5 percent increase in output, down from 0.9 percent in November, with utilization rising to 76 percent from 75.7 percent.
After the opening bell, the University of Michigan preliminary January report on consumer sentiment will become known. The index is seen climbing to 94 from 92.6 in December.
There's one other report on the agenda, the November reading of business inventories, seen rising 0.2 percent.
The Dow Jones industrial average enters the day at 10,553.85, up 0.2 percent Thursday with the help of IBM's strong earnings; it's up nearly 95 points so far this week. The Nasdaq composite index lost 0.1 percent Thursday; for the week to date, it's about 12 points ahead .
Asian-Pacific stocks ended mostly higher Friday, with Tokyo's Nikkei index rebounding 1.8 percent. European markets gained at the open. (Check the latest on world markets)
Treasury prices were flat, the 10-year note yield standing at 3.97 percent. The dollar contributed its rebound versus the euro, which slipped to near $1.25. But the U.S. currency slid below 106 yen.
Brent oil futures gained 25 cents to $29.59 a barrel in London, where gold continued its descent.
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