BP Share News (BP.)

By Steve Goldstein U.S. stock futures edged into positive territory Friday, as relief over Goldman Sachs and BP PLC (BP) liabilities and stronger-than-forecast General Electric earnings were partly checked by worries over the economy as well as Google's dimmer-than-hoped earnings growth. Futures on the Dow Jones Industrial Average rose 21 points, as Dow component General Electric Co. (GE) reported a 16% profit rise. In early premarket reaction, GE (GE) shares rose 2.1%. Ahead of key reports from Citigroup Inc. (C) and Bank of America Corp. (BAC), the S&P 500 futures rose 3.9 points to 1,094.30 and Nasdaq 100 futures rose 5.75 points to 1,855.00. Major U.S. stock indexes finished Thursday with little movement, as a raft of sour economic data as well as mixed interpretations of J.P. Morgan Chase & Co.'s (JPM) earnings were met by reports--proved accurate after the markets closed--that Goldman Sachs Group Inc. (GS) settled allegations of fraud brought by the Securities and Exchange Commission. BP PLC (BP, BP.LN) also jumped after stemming the oil flowing from the Gulf of Mexico, though the oil giant still hasn't permanently sealed the well. Goldman Sachs agreed to pay $550 million to settle the suit, prompting Bank of America Merrill Lynch analysts to upgrade its rival to buy. The broker also lifted its price target for the stock to $182 from $160, saying the probability of other significant legal issues arising from the mortgage debacle is very low. "Specifically, we believe that the settlement of this case significantly reduces the probability of any criminal charges by the Department of Justice," the broker said. Goldman Sachs rose nearly 8% in early premarket trade. But Google Inc. (GOOG) may see pressure as the online search giant reported a smaller-than-forecast 24% rise in second-quarter profit. The company itself was optimistic. "For us at Google, it's been a great quarter," Google Chief Financial Officer Patrick Pichette said during a conference call with analysts. "We've seen no impact of what's going on in the macro world," he added, in reference to some recent signs of economic instability. The economic calendar features June consumer prices and May Treasury inflows, and shortly after the open, the University of Michigan's preliminary consumer confidence gauge for July. The euro hit a two-month high against the dollar, and the Japanese yen also rose. Asian equities were hit hard, with the Nikkei 225 slammed 2.9% in Tokyo, though Europe stocks edged higher, with the Stoxx Europe 600 up 0.5%. -By Steve Goldstein; 44 2078 429 424; AskNewswires@dowjones.com (END) Dow Jones Newswires July 16, 2010 06:51 ET (10:51 GMT)