Greenspan, in a speech in New York late Thursday, said "further policy response" from the Federal Reserve may be needed, indicating that the central bank may cut interest rates further. He also said the Fed's five aggressive cuts so far this year should help boost the world's largest economy by the end of the year.
But before investors can celebrate the news and head off for the long Memorial Day weekend, they have four economic reports to consider.
On the economic front, the revision of first-quarter gross domestic product (GDP), a major indicator of growth in the United States, will be the most anticipated news. Economists forecast that the GDP grew at a revised 1.4 percent rate in the quarter, down from the government's initial estimate of 2 percent reported last month.
The government's April reading for durable goods orders is expected to show a 2 percent drop, compared with a 2.9 percent increase in March.
The National Association of Realtors' report on April existing home sales is expected to show a drop in the annual rate to 5.25 million, from 5.44 million the previous month.
The University of Michigan's revised Consumer Sentiment Index for May is expected to be barely changed from the first reading, down to 92.5 from 92.6.
Stocks to Watch
The company also announced on Thursday that it has won several patents for its technology. The U.S. Patent and Trademark Office granted one patent originally filed in July 1998 by TiVo for a "Multimedia Timewarping System," giving the Alviso, Calif., company the official nod as an early mover in the sector.
At the Bell
The Dow Jones industrial average may open 15 points lower. The Standard & Poor's 500 index for June futures contracts was off 1.7 points to 1,292 at 4:15 a.m. PDT in 24-hour electronic trading.
Reuters contributed to this report.