U.S. stock futures were pointing to range-bound trade for Wall Street on Friday, a path charted since the poorly-received bank rescue plan was announced earlier this week.
S&P 500 futures were flat at 835.40 and Nasdaq 100 futures added 4.5 points to 1,250.70. Dow industrial futures were down 13.
U.S. stocks closed virtually flat on Thursday, as early losses dissipated in the final hour on reports the U.S. government was working on a plan to subsidize mortgage payments. The Dow Jones Industrial Average fell 6 points, the S&P 500 rose 1 point while the tech-heavy Nasdaq Composite added 11 points.
"It was a last 50 minutes that reminded us of the trading we saw in the fourth quarter last year where the last hour tended to see huge moves for no apparent reason," noted credit strategists from Deutsche Bank.
After three days of gains, gold futures cooled, losing $11.10 to $938.10 an ounce as world equities markets advanced.
The Nikkei 225 rose 1% in Tokyo and the FTSE 100 climbed 1.6% in London.
The dollar climbed against the Japanese yen, rising 0.9% to 91.58 yen, in another sign of risk appetite.
Still, data on Friday showed the German economy contracting 2.1% in the fourth quarter, the worst fall for Europe's top economy since 1987. Across the then-15 nation euro zone, the economy shrank 1.5%.
Also out on Friday will be the University of Michigan's consumer confidence gauge for February. Markets also will be looking to see if Congress approves the $789 billion stimulus package as well as a meeting in Rome of Group of Seven industrialized nations of finance ministers and central bankers.
A day after Coca-Cola's well-received results, rival PepsiCo is due to report results.
Abercrombie & Fitch and Wyndham Worldwide also are scheduled to release results.
Continental Airlines will be in the spotlight after a commuter plane it operates crashed into a neighborhood outside Buffalo, N.Y. The plane was made by Canada's Bombardier.
