Futures higher on economic data out of China

Stock futures rising on strong economic data from China and better than expected US earns

Associated Press
S&P 500 pushes further into record territory
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Trader F. Hill Creekmore works on the floor of the New York Stock Exchange Wednesday, Oct. 9, 2013. News of a rebound in China's economy shored up markets on Friday, Oct. 18, 2013 at the end of what has been a volatile week that saw the U.S. veer dangerously close to a debt default. (AP Photo/Richard Drew)

NEW YORK (AP) -- U.S. stock futures are moving higher a day after the Standard & Poor's 500 hit a record high, with developments overseas rather than in Washington driving markets.

There are also some strong quarterly earnings reports from major U.S. corporations Friday.

Dow Jones industrial futures are up 19 points to 15,315. S&P futures have gained 2.3 points to 1,730.10. Nasdaq futures are up 14 points to 3,315.

China's economy appears to be rebounding, which is driving global markets higher in early trading.

The world's second-largest economy grew by 7.8 percent in the three months ending in September, which may give Beijing more room to allow for more steady and sustainable growth going forward.

In the U.S., both General Electric and Morgan Stanley topped Wall Street expectations for the third quarter.

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