Stocks got a leg up Thursday following improved economic data and a boosted sales outlook from Procter & Gamble Co. (PG) The Dow Jones Industrial Average rose 80.26, or 0.8 %, to 9,627.48 while the broader S&P 500 index gained 10.77, or 1 %, to 1,044.14. The Nasdaq composite index advanced 23.63, or 1.2 %, to 2,084.02. The Russell 2000 index of smaller companies jumped 8.50, or 1.5 %, to 594.90.

This was the highest close for the blue chips since October 6th, while the Standard & Poor’s 500 index, which is widely used as the benchmark for U.S. equities, has risen 54.3 % since hitting a 12-year low in March.

Morning Outlook

World markets rose Friday buoyed by confidence in the U.S. and China economies.

In Asia, China’s Shanghai index surged 64.91 points, or 2.2 %, to 2,989.79 after August data showed industrial output, investment, loans and retail sales continued at a strong pace. Hong Kong’s Hang Seng rose 91.86 points, or 0.4 %, to 21,161.42.The lone outlier was Japan, where the strengthening yen is expected to hamper the country’s exports. The Nikkei 225 stock average lost 69.34 points, or 0.7 %, to 10,444.33.

During mid morning trading in Europe, all three major indices pointed to the upside. Germany’s DAX rose 0.3 % to 5,613.90 while Britain’s FTSE 100 gained 0.4 % to 5,008.38. France’s CAC-40 was up 0.6 % at 3,727.26.

Wall Street will get a healthy dose of news in the morning, led by a preliminary September consumer sentiment number. Ahead of the opening bell, futures point slightly higher Friday. Dow Jones industrial average futures rose 13, or 0.1 %, to 9,618. Standard & Poor’s 500 index futures rose 1.80, or 0.2 %, to 1,039.20, while Nasdaq 100 index futures rose 1.00, or 0.1 %, to 1,683.75.

Economic Calendar

9:55 AM
Consumer Sentiment: Consumer sentiment is directly related to the strength of consumer spending, by questioning 500 households each month on their financial conditions and attitudes about the economy. The consensus preliminary reading for September is 67, up from the prior reading of 65.7. Recent news on the economy has been a little better with equities rebounding and initial jobless claims coming down, while all signs point to housing stabilization. We are still far ahead of February’s low of 56.2, but down from the 70.8 mark in June as expectations have fallen.

10:00 AM
Wholesale Trade: Measures the value, in dollars of sales made and inventories held by merchant wholesalers. It is a component of business sales and inventories. A drop in inventory creates a need for manufacturing and production, alongside a sign of consumer demand.