U.S. stocks: Futures higher after blockbuster Wall Street day

Wall Street was pointing to further gains on Friday, with stock futures rising a day after the market’s record-busting session, as equity investors continued to embrace the “patient” Federal Reserve view.

But stock futures pared back from what was a more than 100-point gain for the Dow industrial DJH5, +0.37% futures earlier. Those futures added 39 points, or 0.2%, to 17,765. Futures for the S&P 500 index SPH5, +0.27% rose 4.2 points, or 0.2%, to 2,064.10. Those for the Nasdaq 100 index NDH5, +0.39% were up 17 points, or 0.4%, to 4,280.

Thursday’s eye-popping 421-point surge to 17,778.15 for the Dow industrials DJIA, +2.43% was the biggest one-day gain in three years, while the S&P 500 index SPX, +2.40% layered on 48.34 points to 2,061.23, its best one-day gain in two years. Not to be left out, the Nasdaq Composite COMP, +2.24% rose 2.2% as its components scored big gains. Why the S&P 500 could top 2,200 next year

Also, it was the first time in six years that the Dow managed back-to-back gains of more than 200 points. Here are the best S&P 500 stocks and sectors of 2014

“The divergent interpretation of yesterday’s FOMC continues to spread apart, with equities guys taking it as dovish, whilst FX and bonds guys took it as hawkish,” said Jonathan Sudaria, dealer at London Capital Group. U.S. Treasurys 10_YEAR, +0.05% saw the biggest one-day selloff in three months on Thursday.

Kit Juckes, Société Générale’s global strategist, said in a note: “It’s a neat trick to have rates markets reacting to a ‘more hawkish than expected’ FOMC and the equity market rallying in relief that they were not too hawkish. This tells us about market positioning as much as anything else.”

Energy stocks helped rally stocks to those big gains, and that sector could again get well-bid on Friday as oil prices continued to climb. January crude-oil futures CLF5, +0.70% rose 53 cents, or 1%, to $54.64 a barrel.

Fed speakers to watch: Fed navel-gazing is likely to continue as well, with no economic data on the calendar. But there are speakers ahead, including Charles Evans, the president of the Chicago Fed, who is due to speak at 10 a.m. Eastern Time at a conference on regional competitiveness. Reserve Bank of San Francisco President John Williams will speak at 12 p.m. Eastern about monetary policy on Bloomberg Radio.

Stocks to watch: Shares of Nike Inc. NKE, +2.73% are down 2% in premarket after the athletic-gear maker’s results beat forecasts, but orders were viewed as soft.