Stock futures little changed to end week

[October 22, 2010]  NEW YORK (AP) -- Stock futures were little changed Friday to close out a volatile week of trading.

Investors turned some of their attention Friday to a meeting of finance ministers and central bank governors from the Group of 20. The group is meeting as tensions grow over a brewing currency battle that could affect global trade.

There are worries that some countries like China are holding their currencies at artificially low levels. That gives them an advantage in exporting goods as the global economy slowly recovers from a deep recession.

The dollar edged higher Friday against other major currencies, but still remains near a 15-year low against Japan's yen. It's also near its lowest level of the year against the euro.

Since the end of August, the ICE Futures US dollar index, which measures the dollar against six other currencies, has dropped nearly 7 percent.

Strong earnings across dozens of big companies over the past two days had pushed stocks higher, outweighing some global economic concerns that hurt shares early in the week. Traders paused from making any big moves with no major economic reports and just a couple of earnings releases due out Friday.

Verizon Communications Inc. and energy services company Schlumberger Ltd. are among the companies reporting results. American Express Co. reported earnings that beat analysts' forecasts after the closing bell Thursday as losses from failed loans fell.

Ahead of the opening bell, Dow Jones industrial average futures rose 6, or 0.1 percent, to 11,089. Standard & Poor's 500 index futures rose 1.00, or 0.1 percent, to 1,176.70, while Nasdaq 100 index futures rose 0.50, or less than 0.1 percent, to 2,080.50.

Bond prices rose slightly. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.53 percent from 2.54 percent late Thursday.

Lower yields on U.S. bonds further hurts the dollar because it makes it a less attractive investment. Currency traders will pour money into other countries' debt because yields on their bonds are higher.

[Associated Press; By STEPHEN BERNARD]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.