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Morning Outlook

Friday the 13th Not Spooky for Stocks

Morning OutlookFOXBusiness

Friday the 13th on Wall Street isn’t always spooky. In fact, the broader market rallies on Friday the 13th 60% of the time.

With that history as background, futures are pointing upward this morning; and if the early gains hold, stocks will end their six-day losing streak that has knocked 370 points from the Dow Jones Industrial Average.

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A slowdown in China isn’t chilling sentiment, and most global stock indices are up. China says its economic growth slowed to 7.6% in the second quarter from 8.1% in the first quarter. While the figure did meet analyst expectations, it also signaled the slowest pace of growth in more than three years for the once red-hot Chinese economy.

J.P. Morgan Chase (NYSE:JPM) is the first big bank to report second-quarter earnings. The bank said it will restate its first-quarter results, and that restatement will have no effect on total earnings or revenues year-to-date.

"The restatement announced today will reduce the firm's previously-reported net income for the 2012 first quarter by $459 million. The restatement relates to valuations of certain positions in the synthetic credit portfolio in the firm's Chief Investment Office (CIO)," the firm said in a statement.

On a lighter note, if you're looking for a snack and on a budget, lots of restaurant chains are offering freebies today. Between noon at 3 p.m., get a free tall Starbucks (NASDAQ:SBUX) "Refresher."  Walk into a Chick-Fil-A dressed like a cow (not kidding), and get a free meal (it's unofficially Cow Appreciation Day). And if you have a sweet tooth, head into a Krispy Kreme today for a special 75th birthday doughnut.  If you buy a dozen, you get a dozen of Original Glazed doughnuts for 75 cents.