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Stock market pointed indicated a slightly higher open on Wall Street on Friday as bank stocks actually got a lift from a high-profile downgrade.
Traders took optimistic positions the day after the market suffered its second-worst loss of the year, a whopping 251-point Dow drop set up by poor economic data and advice from Goldman Sachs to short the stock market. ( Get the latest futures reading ).
Two economic reports on Thursday showed Chinese and U.S. factory output slowing.
U.S manufacturing grew at its slowest pace in 11 months in June and the number of Americans filing new applications for unemployment benefits fell only slightly in the week, while the longer-term average hit a 2012 high.
Moody’s Investors Service downgraded the credit ratings of 15 of the world’s largest banks late on Thursday.
The bank downgrades by Moody’s had however been anticipated for several months after the ratings agency placed them on its watch list with a negative outlook and analysts said the move was "backward looking".
Most if not all the banks in question posted premarket gains, led by Morgan Stanley , which rose more than 3 percent, and Bank of America, up more than 1 percent.
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