Surging oil, Yellen's comments drive futures higher

[April 08, 2016]  By Yashaswini Swamynathan

(Reuters) - U.S. stock index futures rose on Friday, boosted by a surge in oil prices and Federal Reserve Chair Janet Yellen's positive comments on the economy.

Crude rose more than 3 percent as encouraging economic indicators in the United States and Europe boosted hopes of rising demand. [O/R]

Yellen, in a rare appearance with former Fed chairmen on Thursday, said the U.S. economy was on a solid course with some hints of inflation, putting the central bank on track for further rate hikes.

U.S. wholesale inventories in February are expected to have dipped 0.1 percent from a 0.2 percent increase in the previous month. The report is due at 10 a.m. ET (1400 GMT).

New York Fed President William Dudley is slated to speak on the economy at 8:30 a.m. ET.

Wall Street closed lower on Thursday as oil prices fell and fears about the global economic slowdown put pressure on the dollar against the yen.

The yen surged this week as uncertainty surrounding global growth and U.S. interest rates sent investors towards traditional safe haven assets.

Shares of Intercept Pharmaceuticals <ICPT.O> rose 5.2 percent to $172.50 premarket after U.S. Food and Drug Administration panel backed the accelerated approval of the company's liver drug.

Regeneron Pharma <REGN.O> fell 4.1 percent to $401.34 after Morgan Stanley cut its price target on the stock.

Yahoo <YHOO.O> rose 1.4 percent to $36.67 after Bloomberg reported that Verizon <VZ.N> was planning a bid for the Internet company.

(Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)

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