US stock futures rise on encouraging China growth
NEW YORK (AP) — Stock futures are rising after an encouraging report on China's growth.
Data showed the Chinese economy grew at a slower but still healthy rate of 9.5 percent last quarter. China is attempting to rein in its speeding expansion and ease inflation with rate hikes and other measures. A sudden drop-off in growth could cut into demand for U.S. factory exports.
Federal Reserve Chairman Ben Bernanke testifies before Congress Wednesday morning. He is expected to lean on lawmakers to raise the U.S. debt limit before an Aug. 2 deadline.
Dow Jones industrial average futures are up 67, or 0.5 percent, at 12,480 in premarket trading. Standard & Poor's index futures are up 9, or 0.7 percent, at 1,319. Nasdaq 100 futures are up 18, or 0.8 percent, at 2,362.