News Column

Futures Pointing To A Modestly Higher Open On Wall Street

July 24, 2014

WASHINGTON (Alliance News) - After ending the previous session mixed, stocks are likely to move to the upside in early trading on Thursday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 24 points.

Early buying interest may be generated by a report from the Labor Department showing that initial jobless claims unexpectedly fell to an eight-year low in the week ended July 19th.

The Labor Department said initial jobless claims slid to 284,000, a decrease of 19,000 from the previous week's revised level of 303,000.

The drop surprised economists, who had expected jobless claims to climb to 308,000 from the 302,000 originally reported for the previous week.

With the unexpected decrease, jobless claims fell to their lowest level since hitting 283,000 in the week ended February 18, 2006.

The upbeat jobs data points to continued improvement in the labor market but may also raise some concerns about the outlook for interest rates.

Earnings news also remains in focus on the day, with shares of Facebook (FB) jumping 7.6% in pre-market trading after the social media giant reported better than expected second quarter results on strong mobile ad growth.

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Source: Alliance News

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