New optimism that leaders in Europe will take decisive action to address their debt crisis is pushing stock futures higher for a second day and overshadowing what are expected to be very modest growth numbers from the U.S.

Dow Jones industrial futures are up 42 points to 12,867 and the broader S&P futures have added 5.7 points at 1,360.50. The Nasdaq futures are shaking off a rough week and trading up 11 points at 2,583.50.

Markets first began to rally Thursday after European Central Bank President Mario Draghi said fiscal policy leaders would do what is necessary to ensure that the continent's monetary union would remain intact.

That appears to be carrying more weight than figures being released Friday expected to show little hope for strengthening U.S. growth this year.