U.S. stock indexes are drifting around their records Friday as hopes hold that the economy can pull off the rare feat of getting painfully high inflation under control without a recession.

Shares rolled higher in Asia on Thursday after U.S. stocks edged back from their records. Japan’s Nikkei 225 index gained more than 2% and U.S. futures and oil prices also advanced. The rally in Asia followed an announcement that the Chinese government plans to give cash handouts or discount vouchers to the poor ahead of next week's National Day holidays.

Wall Street is trading higher before the opening bell, following global markets that surged on reports that China plans to spend billions of dollars to help rebuild the capital of state-run banks and