Positive signs in the U.S. economy revealed this week included a Federal Reserve report that industrial production increased last month, with a rise in manufacturing of computers, cars and planes. The Bureau of Labor Statistics also this week said consumer prices have held steady in June and July, showing that inflation is in check. On Thursday, the Commerce Department issued a report that building permits rose to more than 800,00 in July, the biggest rise since 2008.

But a pall still hangs over Europe, where several countries are saddled with a huge sovereign debt load. During the second quarter Italy and Spain, the third and fourth largest economies in the euro zone, experienced a decline in gross domestic product of 0.7 percent and 0.4 percent, respectively, according to a report this week from . Of the 17 countries in the euro zone, six are currently in a recession -- Greece, Spain, Italy, Cyprus, Malta and Portugal, the report noted.

Earnings reports from HP and Dell next week could reinforce the generally positive sentiment emanating from tech recently, or once again stir up concerns about the uncertain global economy.