News Column

Futures Pointing To Early Strength On Wall Street

August 7, 2014

WASHINGTON (Alliance News) - After ending the previous session nearly flat, stocks are likely to move to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 41 points.

The futures saw continued strength following the release of a report from the Labor Department showing an unexpected decrease in initial jobless claims in the week ended August 2nd.

The Labor Department said initial jobless claims fell to 289,000, a decrease of 14,000 from the previous week's revised level of 303,000.

The drop came as a surprise to economists, who had expected jobless claims to edge up to 305,000 from the 302,000 originally reported for the previous week.

The data provides another positive sign for the labor market but may also fuel further speculation about the Federal Reserve raising interest sooner than anticipated.

Traders are also keeping an eye on developments overseas, where the European Central Bank kept interest rates unchanged as expected.

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Source: Alliance News

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