NEW YORK (AP) — Stock futures are higher as orders for big-ticket manufactured items fall less than expected in March.
The Commerce Department said Friday that orders for durable goods dropped by 0.8 percent last month, less than the 1.5 percent decline that economists had been expecting.
The report is fanning hopes that a slide in manufacturing is starting to bottom out.
Stock futures have been higher after Ford Motor Co. posted better-than-expected results for the first three months of the year.
Dow Jones industrial average futures are up 21 at 7,936. Standard & Poor's 500 index futures are up 5.80 at 854.50, while Nasdaq 100 index futures are up 14.00 at 1,356.00.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Stock futures pointed to a moderately higher open Friday after Ford Motor Co. posted better-than-expected results for the first three months of the year.
Futures had been essentially flat early Friday ahead of details on how the government is evaluating the health of the nation's largest banks.
Ford's report buoyed hopes for the overall economy as the nation's second-largest automaker reported that it spent $3.7 billion more than it brought in during the quarter. That amount is far less than the $7.2 billion the company burned through in the fourth quarter. The stock jumped 17 percent to $5.25 a share in electronic trading.
The welcome news from Ford comes as investors wait for details on the methodology for the "stress tests" that regulators have given to 19 of the largest U.S. financial institutions. Treasury Secretary Timothy Geithner is expected to outline the Obama administration's efforts during meetings Friday with finance ministers from the Group of Seven nations, a department official told The Associated Press, speaking on condition of anonymity because he wasn't authorized to speak on the record.
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