It’s looking like a flat open for stocks Friday as investors examine data on U.S. consumer sentiment and inflation.
The stock market’s benchmark S&P 500-stock index closed above 1,400 Thursday for the first time since the 2008 financial crisis.
The 1,400 level on the S&P is considered by analysts to be a resistance point that could trigger more gains if surpassed convincingly.
On the economic front, here’s what market participants will be looking at Friday:
- Consumer prices rose by the most in 10 months in February as the cost of gasoline spiked, a government report showed on Friday, but there was little sign that underlying inflation pressures were building up. The Labor Department said its Consumer Price Index increased 0.4 percent after advancing 0.2 percent in January. That was in line with economists' expectations. Gasoline accounted for more than 80 percent of the rise in consumer prices last month, the department said.
- Later, the Thomson Reuters/University of Michigan Surveys of Consumers preliminary March consumer sentiment index is set for release -- at 9:55 a.m. ET. Economists expect a rise in the index to 76.0 from 75.3 in the final February report.
Apple Inc edged up 0.9 percent to $591 in premarket trades as its new iPad proved to be another hot-seller on Friday, with hundreds lining up at stores across Asia to be the first to get their hands on the tablet computer.
Several banks, including Goldman Sachs Group, have shown an interest in buying American International Group Inc's complex and troubled assets tied to the insurer's bailout, the Wall Street Journal said, citing people familiar with the matter.
European equities climbed to levels not seen since the summer on Friday, with charts pointing to more near-term gains as long as economic data and earnings remain supportive.
Asian shares steadied, while the dollar took a breather after its recent broad rally spurred profit-taking, with some investors wondering if a fresh batch of encouraging economic data would push up U.S. yields.
Reuters added to this report.
