Stocks set for solid bounce

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- U.S. stocks were poised to bounce at the open Thursday after the previous session closed with the blue-chip Dow index ending below 10,000.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were all about 2.3% higher, following the rebound in global stocks.

Futures measure current index values against perceived future performance.

Stocks erased gains by the close of trade Wednesday, as worries about global growth and the euro's decline overshadowed upbeat economic news.

Economy: The government's revised reading on first-quarter gross domestic product (GDP) came in at 3%, below expectations of 3.3%. The first reading, released last month, was 3.2%.

At 8:30 a.m. ET, the Department of Labor released its weekly jobless claims report: First-time jobless claims fell 14,000, to 460,000, down from 471,000 the previous week.

At 10 a.m., the House Oversight Committee is slated to begin its hearing on the Tylenol recall with Johnson & Johnson (JNJ, Fortune 500).

BP (BP) executives will also appear at a hearing in continued testimony about the Gulf oil spill.

World markets: Stocks around the world rebounded. In morning trading in Europe, the CAC 40 in France jumped 0.9%. Britain's FTSE 100 added 1.1% and the DAX in Germany gained 1.2%

Asian shares finished the session higher. The Hang Seng in Hong Kong and Japan's Nikkei added 1.2%. The Shanghai Composite gained 1.2%.

Dollar and commodities: The euro rebounded against the dollar, up 0.7% against the U.S. currency Wednesday.

The greenback was down 0.8% against the British pound, but it was up 0.6%versus the Japanese yen.

U.S. light crude oil for July delivery gained $1.70 to $73.21 a barrel. COMEX gold's June contract rose 60 cents to $1,214 per ounce.

Bonds: Treasury prices were lower early Wednesday, pushing the benchmark 10-year note's yield up to 3.28%. Bond prices and yields move in opposite directions. To top of page

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Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET

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