MW: U.S. stock index futures point to Christmas Eve gains
Traders await durable-goods data, weekly jobless claims
By William L. Watts, MarketWatch
LONDON (MarketWatch) -- U.S. stock index futures pointed to a higher open for Wall Street Thursday, as investors awaited economic data that will be weighed for further evidence the economy is beginning to recover.
S&P 500 futures rose 3.6 points to 1,119.2, while futures for the Nasdaq 100 gained 4.75 points to 1,857. Dow Jones Industrial Average futures rose 27 points. U.S. markets close early Thursday for Christmas Eve and will remain closed Friday for Christmas.
U.S. stocks gained ground for the fourth consecutive session on Wednesday amid thin, pre-holiday trading conditions. Equities overcame news of a drop in new-home sales as the materials and energy sectors jumped in the wake of a report that showed a large drop in U.S. inventories of crude oil.
Traders on Thursday will be eying the release of weekly jobless claims data and November durable-goods figures. Both sets of figures are set for release at 8:30 a.m. Eastern.
"Both numbers are expected to be good with jobless claims probably being the most interesting as it should indicate the U.S. labor market is still improving gradually," said Simon Denham, strategist at Capital Spreads.
Durable goods orders are forecast to show a 0.6% rise following October's 0.6% decline, while initial weekly jobless claims are expected to fall to 470,000 in the week ended Dec. 19, down from 480,000 the previous week.
The U.S. Senate is expected early Thursday to pass a massive overhaul of the nation's healthcare system. Passage of the controversial, White House-backed measure is seen as virtually certain, but it must then be reconciled with the House version of the measure before it can become law. See story on Senate health-care vote.
European shares were modestly higher in holiday-curtailed trade Thursday. France's CAC-40 index and London's FTSE 100 index were both slightly higher. The German stock market was closed. All European markets will be closed on Christmas.
The U.S. dollar remained lower versus most major currencies after slipping Wednesday in the wake of the U.S. new home sales data. The euro was up 0.6% at $1.4408. The dollar fell 0.4% versus the Japanese currency to trade at 91.15 yen.
Crude oil futures were up 48 cents at 77.15 a barrel.
