Stock market up early as Europe awaits Greek elections

The US stock market rose Friday after a volatile week with markets anticipating action by major central banks to head off a crisis in Europe.

Dow Jones industrial average futures rose 22 points to 12,628. Standard & Poor's 500 futures added 1.2 points to 1,327.40. Nasdaq composite futures rose 3.5 points to 2,538.50.

The European Central Bank president, speaking in Frankfurt, said that the bank would continue its "crucial role" of making sure markets have enough cash.

Mario Draghi also said there was no inflation risk in the eurozone, a statement which leaves open the chance of an interest rate cut if the bank sees the situation in the eurozone worsening.

The comment Friday would typically not arouse that much interest, but it followed a report Thursday from Reuters, which is being downplayed by banking officials, that central banks will act in concert to stem any fallout from national elections in Greece this weekend.

Economists are watching political events in Athens closely, as they may determine if the country remains within 17-nation economic pact.

Late Thursday, the U.K. government and Bank of England announced an economic shield of up to $217 billion to insulate the country's financial system should things deteriorate in Europe.

The U.S. Federal Reserve will post industrial production numbers Friday and economists predict that factories cut back on production for the second time in three months in May.

There was at a hint before the report was released that suggested economists are right, and that growth in the key economic sector may be slowing.

A New York manufacturing index slid almost 15 points, meaning that the sector is barely growing.

The Federal Reserve Bank of New York's Empire State Manufacturing Survey showed that the business conditions index fell from 17.09 in May, to 2.29 in June. The shipments index tumbled to 4.81 in June from 24.14 last month.