Investing.com - U.S. stocks opened higher Friday, as reports of a Spanish economic bail out from the European Central Bank dominate the news wire while quadruple witching option expirations provide additional bullish bias for U.S. equities.
At the open, the Dow Jones Industrial Average climbed 0.27%, the S&P 500 advanced 0.38%, while the Nasdaq gained 0.55%.
Market sentiment found support after the Financial Times reported earlier that European Union authorities are working behind the scenes to pave the way for a new Spanish rescue program and unlimited bond buying by the European Central Bank, by helping Madrid craft an economic reform program that will be unveiled next week.
Talks between the Spanish government and the European Commission were said to be focusing on measures that would be demanded by international lenders as part of a new rescue program, ensuring they are in place before a bailout is formally requested.
The news came a day after a string of downbeat economic reports from the U.S., the euro zone and China sparked fresh concerns over the outlook for global economic growth.
Additional bullish support came as the session is known as quadruple witching. This four times per year occurrence means that all stock based options expire today. Historically, this has led to 75% positive closes for the S&P 500.
Commodity-linked stocks were expected to be active, as oil and mining companies advanced during the Asian and European morning sessions. Shares in U.S. copper producer Alcoa climbed 0.86% in pre-market trade.
Meanwhile, Apple was likely to be in the spotlight, once again, as the company's iPhone 5 hit stores around the globe, giving the consumer giant a boost ahead of the crucial end-of-year holiday season. Pre-market, shares were up 0.67%.
Also in the tech sector, Oracle climbed 0.53% in early trading, after the software maker posted first-quarter earnings that met analysts' expectations but said hardware sales are expected to drop further after tumbling 24% from a year ago.
Elsewhere, drugmaker Vivus said it expects European regulators to rule against the application for approval of its weight loss treatment Qsiva, sending shares down 11.47% in pre-market trade.
If this happens, the company said it will either appeal or resubmit its applications.
Across the Atlantic, European stock markets traded higher. The EURO STOXX 50 climbed 0.98%, France’s CAC 40 rose 0.61%, Germany's DAX soared 1.09%, while Britain's FTSE 100 eased higher by 0.02%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 0.70%, while Japan’s Nikkei 225 Index added 0.25%.
Trading volumes were expected to remain light on Friday, as no major economic indicators were to be released later in the day.
At the open, the Dow Jones Industrial Average climbed 0.27%, the S&P 500 advanced 0.38%, while the Nasdaq gained 0.55%.
Market sentiment found support after the Financial Times reported earlier that European Union authorities are working behind the scenes to pave the way for a new Spanish rescue program and unlimited bond buying by the European Central Bank, by helping Madrid craft an economic reform program that will be unveiled next week.
Talks between the Spanish government and the European Commission were said to be focusing on measures that would be demanded by international lenders as part of a new rescue program, ensuring they are in place before a bailout is formally requested.
The news came a day after a string of downbeat economic reports from the U.S., the euro zone and China sparked fresh concerns over the outlook for global economic growth.
Additional bullish support came as the session is known as quadruple witching. This four times per year occurrence means that all stock based options expire today. Historically, this has led to 75% positive closes for the S&P 500.
Commodity-linked stocks were expected to be active, as oil and mining companies advanced during the Asian and European morning sessions. Shares in U.S. copper producer Alcoa climbed 0.86% in pre-market trade.
Meanwhile, Apple was likely to be in the spotlight, once again, as the company's iPhone 5 hit stores around the globe, giving the consumer giant a boost ahead of the crucial end-of-year holiday season. Pre-market, shares were up 0.67%.
Also in the tech sector, Oracle climbed 0.53% in early trading, after the software maker posted first-quarter earnings that met analysts' expectations but said hardware sales are expected to drop further after tumbling 24% from a year ago.
Elsewhere, drugmaker Vivus said it expects European regulators to rule against the application for approval of its weight loss treatment Qsiva, sending shares down 11.47% in pre-market trade.
If this happens, the company said it will either appeal or resubmit its applications.
Across the Atlantic, European stock markets traded higher. The EURO STOXX 50 climbed 0.98%, France’s CAC 40 rose 0.61%, Germany's DAX soared 1.09%, while Britain's FTSE 100 eased higher by 0.02%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 0.70%, while Japan’s Nikkei 225 Index added 0.25%.
Trading volumes were expected to remain light on Friday, as no major economic indicators were to be released later in the day.