Stocks set to enjoy jobs bounce

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The recovery from the Great Recession has likely started. But many economists are worried about falling into another downturn. Here's what has them concerned.

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NEW YORK (CNNMoney.com) -- U.S. stocks were poised to open higher Wednesday as investors cheered a stronger-than-expected labor market reading ahead of the Thanksgiving holiday.

Dow Jones industrial average, S&P 500 and Nasdaq futures moved higher, but were still suggested a modest opening less than an hour before the bell.

Futures measure current index values against the perceived future performance, offering guidance on stock performance, though they're not always an accurate barometer.

Economy: Wall Street ended Tuesday's volatile session with modest losses as investors digested mixed readings on the economy.

Things appeared a bit brighter along the job front Wednesday as the number of people filing for first-time unemployment claims fell to 466,000 last week, the lowest level since September 2008. Consensus estimates were for initial jobless claims to be 500,000, according to Briefing.com.

Troubling numbers emerged from the manufacturing sector however as new orders for goods declined unexpectedly by 0.6% in October, after gaining 2% in September.

Also due out Wednesday is a reading on new home sales, due out at 10 a.m. ET.

The flurry of economic news could make for a particularly choppy trading session ahead of the Thanksgiving holiday, noted Art Hogan, chief market strategist at Jefferies & Co.

"We always tend to take these holiday-shortened weeks and pack as in much excitement as we can," he said.

All U.S. financial markets are closed Thursday for Thanksgiving. Stocks trade in a shortened session Friday.

Companies: AIG (AIG, Fortune 500) CEO Robert Benmosche has officially agreed to a compensation package that could reach $10.5 million, the company announced late Tuesday.

World markets: Japan's Nikkei added 0.4%. Major European indexes gained slightly in midday trading.

Money, oil and gold: The dollar pared some of its losses against the yen and edged higher against the euro.

The price of oil edged up 35 cents a barrel to $76.37.

The price of gold jumped $1.20 an ounce to $1,165.50 an ounce. Gold for December delivery broke a record on Tuesday, settling at $1,165.80 an ounce.