U.S. stock futures rally, tracking sharp gains for oil prices

U.S. stock futures shot higher early Friday, as crude oil prices continued to climb. Dow Jones Industrial Average futures rose 157 points, or 1%, to 15,944, while S&P 500 futures jumped 20.25 points, or 1%, to 1,881. Nasdaq 100 futures gained 51.25 points, or 1.2%, to 4,181.25. Stocks finished higher on Thursday, aided by a rebound for oil prices. Gains came as U.S. crude oil climbed $1.31, or 4.4%, to $30.83 a barrel, while Brent crude jumped $1.48, or 5%, to $30.73 a barrel.

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North Korea detains U.S. college student over ‘hostile act’: reports

North Korea says it has detained a U.S. college student, claiming the person committed a “hostile act against the state,” according to media reports Friday. State-run KCNA news agency said the detainee, who has not been named, is a university student from Virginia, and U.S. embassy official in South Korea’s capitol of South said they were aware of the incident.

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Valero Energy board hikes dividend by 20%

Valero Energy Corp. said late Thursday its board approved a 20% hike to the oil company’s quarterly dividend. The board raised the dividend to 60 cents a share from 50 cents a share. The new dividend is payable March 3 to shareholders of record as of Feb. 9. Valero shares rose 0.9% to $63.99 after hours.

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Boeing to cut 747 aircraft production by 50%

Shares of Boeing Co. fell in Thursday’s extended session after the aircraft maker said it would cut back production on 747s to 0.5 plane per month by September from one currently. “Global air passenger traffic growth and airplane demand remain strong, but the air cargo market recovery that began in late 2013 has stalled in recent months and slowed demand for the 747-8 Freighter,” said Ray Conner, president and CEO of Boeing Commercial Airplanes. As a result, the company will report a $569 million after-tax charge in the fourth quarter. Boeing shares were off 1.5% in after-hours trading.

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