US stocks ground their way higher on Friday night as investors reacted positively to the latest batch of economic data.
Wall Street was buoyed by data showing the strongest rate of manufacturing growth in two years during February. A bigger than expected rise in consumer confidence last month provided additional support for stocks.
The news wasn't all good, however, with $85 billion in automatic budget cuts coming to effect on March 1 and US lawmakers still no closer to easing the threat the cuts pose to the US economy.
The Dow rose 36 points (+0.3%) to 14090, the S&P500 climbed 0.2% and the Nasdaq put on 0.3%. There was mostly red in commodity markets, with the CRB index sliding 0.9% to 290.4.
Oil was a big decliner on concern Friday's poor Chinese manufacturing data is a sign energy demand will falter in the world's second largest economy. Crude futures slumped 1.5% to US$90.68 a barrel.
In currency markets, the euro weakened 0.4% against the US dollar amid data showing eurozone unemployment rising to an all-time high in January.
On the economic front, building approvals, the ANZ job ads survey and company operating profits data are all due for release at 11:30am, AEDT.
Morning Market Update: Big Week Ahead is a post from: Australian Stock Report Market Pulse Blog