US stock futures rise on encouraging China growth

July 13, 2011 - 7:59 AM
Wall Street

FILE - In this July 11, 2011 file photo, Michael L. Guli of Knight Capital Americas, L.P., works on the floor at the New York Stock Exchange in New York. World stock markets advanced Wednesday, July 13, bolstered by robust Chinese growth figures that led to a solid day in Asia. Gains were limited in Europe as trading began amid ongoing worries about the continent's debt problems. (AP Photo/Seth Wenig, file)

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.