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 Investors are awaiting two key reports due out during the session. The hope is that both are upbeat enough to reassure investors that the U.S. economy isn't falling into a recession, yet show enough weakness to motivate central bankers to implement when they meet March 18.
The Philadelphia Federal Reserve's February manufacturing index is expected to rebound from January's six-year low while still showing declining business activity. The index is scheduled for release at 10 a.m. EST.
Meanwhile, the Conference Board's gauge of leading economic indicators is expected to show a slight dip last month. The report to be issued at 10 a.m. EST is used to determine where the economy is heading over the next six months.
Stocks also are expected to benefit from a sharp rise in both European and Asian markets. Investors overseas were optimistic amid a rally in commodities and after U.S. stocks finished higher on Wednesday, with the Dow Jones industrial average up a little more than 90 points.
Dow futures on Thursday rose 66, or 0.61 percent, to 12,495. Standard & Poor's 500 index futures rose 7.30, or 0.54 percent, to 1,366.90, and Nasdaq 100 futures added 15.75, or 0.88 percent, to 1,805.00.
Investors will also be keeping an eye on oil prices, which held near $100 a barrel after hitting a record overnight. Light, sweet crude for April delivery fell 30 cents to $99.40 a barrel in pre-opening trading on the New York Mercantile Exchange.
Gold and platinum also jumped to record highs overnight. The dollar dipped slightly against the euro and yen.
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 In corporate news, there was further evidence that the global credit crisis is not near an end. French bank Societe Generale SA said a trading scandal and write-downs linked to the crisis led to a loss in the fourth quarter. The bank lost $4.91 billion, compared with a $1.73 billion profit during the same period of 2006.
MBIA Inc. is expected to be in focus after activist shareholder William Ackman's late Wednesday opposed a plan that struggling bond insurers be split into two companies. The company said Ackman, a hedge fund manager, stood to benefit from negative bets on the stock.
Technology stocks might get a boost after Citigroup upgraded Cisco Systems Inc. The biggest U.S. maker of computer-networking equipment was upgraded to "buy" from "hold" because of attractive valuations and hopes that a slowdown this year won't be as steep as first expected.
Also, Blackberry maker Research In Motion Ltd. raised its outlook for fourth-quarter subscriber additions by about 15 percent to 20 percent, citing the popularity of smartphones in the holiday selling season.
Overseas, Japan's Nikkei stock average closed up 2.84 percent. In afternoon trading, Britain's FTSE 100 added 1.28 percent, Germany's DAX index rose 1.32 percent, and France's CAC-40 rose 1.36 percent.
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On the Net:
New York Stock Exchange: http://www.nyse.com/
Nasdaq Stock Market: http://www.nasdaq.com/
[Associated Press; By JOE BEL BRUNO]
Copyright 2008 The Associated Press. All rights reserved. This
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