NEW YORK (MarketWatch) — U.S. stock futures straddled the flat line on Friday, indicating Wall Street may try to catch its breath after a rally that saw the Dow Jones Industrial Average post its 50th record close of the year in the previous session.
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Futures for the Dow Jones Industrial Average (DJH4) rose 9 points to 16,431, while those for the S&P 500 index (SPH4) were nearly unchanged at 1,837.
Futures for the Nasdaq 100 index (NDH4) gained 0.25 point to 3,582.
Wall Street stocks rallied on Thursday, extending a record run on the heels of a sharp fall in weekly jobless claims. The Dow industrials (DJIA) surged 122.33 points, or 0.8%, to 16,479.88, for its 50th record close this year. The S&P 500 (SPX) rose 0.5% to nab its 44th record close of 2013.
Twitter (TWTR) reached its highest level ever, soaring more than 76% this month, though shares were largely flat in premarket trading.
Dan Greenhaus, chief strategist with BTIG, said in a note that the gains for markets overall have been largely down to seasonal effects.
Reuters 
Enlarge Image But he said social-media firms have not been the only big beneficiaries, noting shares of Oracle Corp. (ORCL) are up 7% for the month, while steel companies are higher by 5%, chemical firms by 3%, and machinery names by almost 6%.
"Importantly, all this comes as the economic data is getting better…and interest rates move higher," said Greenhaus, alluding to the fact that the 10-year bond yield hit 3% on Thursday for the first time since September. The yield gained 2 basis points on Friday to 3.014%.
"While it appears [there is] nothing technically important about a 3% 10-year yield, it will get attention, but that is hardly any more economically damaging than 2.99%," Greenhaus said.
Among specific names, shares of Cessna maker Textron (TXT) could gain after the company said it would pay $1.4 billion to buy U.S. plane maker Beechcraft Corp.
Shares of WPCS International Inc. (WPCS) were up 40% in thin premarket trading. The company said Thursday that one of its units released a software platform for bitcoin traders.
European markets reopened from a two-day Christmas break to push higher — the Stoxx Europe 600 index (XX:SXXP) gained 0.6%.
The Shanghai Composite (CN:SHCOMP) outperformed other Asian markets as fear of stress in the country's money market eased. The Nikkei 225 index (JP:NIK) retreated from a six-year high after data showed consumer prices rising higher than expected —1.2% on-year in November, above the 1.1% that had been forecast.
Gold prices drifted lower and oil was flat, but the dollar was pulling back across the board.
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