U.S. Stock Futures Surge As China Markets Stage Recovery

U.S. stock futures jumped sharply early Friday, after a punishing and volatile week that has wiped around 5% off the S&P 500 index so far. Dow industrials futures jumped 166 points, or 0.9%, to 16,579, while S&P 500 futures rose 20 points, or 1%, to 1,953.50 in early trading. Nasdaq 100 futures rose 52.75 points, or 1.2%, to 4,341.50. The gains came as China stocks rose Friday, taking a breather from an meltdown that has kicked off the trading year. Overnight in China, authorities removed a controversial new circuit breaker system, blamed for triggering a stampede out of China stocks. Stocks in China were suspended both Monday and Thursday after falling by the 7% limit imposed by that circuit breaker. Wall Street has been taking hard hits this week, heavily influenced by worries over China and slides in commodity prices. U.S. stocks will be looking to important nonfarm payrolls data for December on Friday. Oil prices were also on the rebound early Friday, with February crude up 66 cents, or 2%, to $33.93 a barrel in electronic trading.