Stocks poised to open higher

By CNNMoney.com staff


NEW YORK (CNNMoney.com) -- Stocks were set for a higher open, as investors reacted to a lower-than-expected weekly report on jobless claims.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures jumped after the release of the jobless claims report, an hour ahead of the opening bell. Futures measure current index values against perceived future performance.

Stocks ended higher Wednesday after spending most of the day lower, following another round of dismal housing news.

A worse-than-expected plunge in new home sales sent indexes lower, but they recouped losses as homebuilding and housing material stocks crept higher. The Dow ended the day 20 points higher.

"There's more potential to claw back from recent losses, but the market is still very much under pressure," said David Jones, chief market strategist at IG Markets in London, noting the pre-market's cautious tone prior to the release of the jobless claims report.

Jones said investors may remain cautious ahead of the latest reading on second-quarter GDP due Friday. It's expected to show the economy grew much less than previously estimated, which could unnerve investors. Also, investors will be keen to hear Federal Reserve Chairman Ben Bernanke's comments at the central bank's symposium in Jackson Hole, Wyo.

Economy: Before the bell, the government released its weekly numbers on first-time unemployment filers. The Labor Department announced that jobless claims fell to 473,000 last week, which was lower than expected. Analysts polled by Briefing.com had expected Thursday's report to show new claims fell to 485,000 last week.

Last week, stocks took a hit when the figure increased dramatically to 500,000 initial claims. On Thursday, that figure was upwardly revised to 504,000.

World markets: European shares were higher in early trading. The CAC 40 in France rose 0.4%, Britain's FTSE 100 climbed 0.5% and the DAX in Germany added 0.2%.

Asian markets ended mixed. Japan's benchmark Nikkei index increased 0.7%, and the Shanghai Composite edged up 0.3%. The Hang Seng in Hong Kong lost 0.1%.

Currencies and commodities: The dollar fell against the euro, the British pound and the Japanese yen.

Oil futures for October delivery rose 90 cents to $73.42 a barrel. Gold for December delivery climbed $1.80 to $1,243.10 an ounce.

Bonds: The yield on the 10-year Treasury note rose to 2.54%.

Are you under the age of 35 and pulling your money out of the stock market? What's your investing strategy amid the current economic uncertainty? Are you still willing to take on more risk? E-mail your story to Hibah.Yousuf@turner.com and you could be part of an upcoming feature. For the CNNMoney.com Comment Policy, click here.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.11%4.17%
15 yr fixed3.22%3.26%
5/1 ARM3.46%3.33%
30 yr refi4.16%4.16%
15 yr refi3.27%3.25%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,113.15 41.93 0.25%
Nasdaq 4,512.20 6.35 0.14%
S&P 500 1,980.19 2.39 0.12%
Treasuries 2.49 -0.00 -0.04%
Data as of 12:06pm ET
Company Price Change % Change
Ford Motor Co 14.78 -0.33 -2.18%
eBay Inc 56.54 3.88 7.36%
Bank of America Corp... 17.08 0.07 0.41%
Apple Inc 101.23 1.12 1.11%
Facebook Inc 79.40 0.40 0.51%
Data as of 11:51am ET

Sections

CNNMoney's Italian-American investing correspondents did a taste test of Olive Garden's food. They agree with hedge fund Starboard: It's not very appetizing. More

Even limited air operations could cost up to $4 billion a year, says a think tank, while large ground forces could cost $1.8 billion a month. More

Testing whether the iPhone 6 Plus BendGate controversy is real, some are testing it out in Apple Stores. More

On Wednesday, 17% of First Green Bank's 66 employees will get a raise under the company's new "living wage" program. The guarantee: At least about $30,000 a year. More

Case-Shiller's national index shows that price gains slowed in July for the seventh straight month. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.