Stock market news live updates: Stock futures steady after S&P 500’s best day since July

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Stock futures held onto gains after equities' best day since July, with the major indexes looking to shake off earlier volatility and end the week on a high note. The S&P 500 paced toward a weekly gain of 0.4% as of Thursday's close. Equity investors have managed to look past concerns over China Evergrande's debt crisis, uncertainty over monetary and fiscal policy and ongoing debates in Washington over the debt ceiling to trade higher. Cyclical stocks including the industrials, energy and financials sectors outperformed this week after the Federal Reserve signaled the economic recovery "has made progress" toward the central bank's goals on employment and inflation. The Fed has also now primed markets for its asset-purchase tapering to begin as soon as November against the improving economic backdrop. "It’s not a surprise to me that the Fed is moving forward with the tapering," Jeff Schulze, ClearBridge chief investment strategist, told Yahoo Finance Live on Thursday.
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