(By Salman - iStockAnalyst Writer)US stock futures climbed on Thursday on better than expected initial claims data.
At 8:36 am ET, Standard & Poor's 500 Index futures increased 3.90 points to 909.20. Dow Jones Industrial Average futures rose 23 points to 8460. Nasdaq Composite Index futures climbed 3.25 points to 1456.
A release by
Department of Labor on Thursday showed number of Americans filing first- time claims for unemployment benefits rose 3,000 to 608,00 in the week ending June 13. Economists expected jobless claims to drop to 604,000. The four-week average of seasonally adjusted initial jobless claims, a less volatile gauge, decreased 7,000 to 615,750. Continuing claims for the week ending June 6 dropped 148,000 to 6.68 million.
Late on Wednesday,
State Street Corp. (
NYSE: STT) announced that it has repaid the full amount of the Treasury Department's $2 billion investment in the company under the TARP Capital Purchase Program.
Early on Thursday,
Discover Financial Services Inc. (
NYSE: DFS) reported second-quarter net income of $225.8 million, or 43 cents a share, compared with $234.1 million, or 48 cents a share, in the prior year period.
J. M. Smucker Company (
NYSE: SJM) reported that fiscal fourth quarter profit jumped to $94 million, or 80 cents a share, from $37 million, or 67 cents a share. Revenue rose to $1.1 billion compared to $590 million. On an adjusted basis, the company earned $1.01 versus 73 cents.
AutoZone Inc (
NYSE: AZO), the leading U.S. auto parts retailer, said on Wednesday its board had authorized another $500 million to buy back common stock.
US stocks finished mostly lower on Wednesday after rating agency Standard & Poor Ratings Services downgraded 18 U.S. banks.
On the economic front, leading indicators data for the month of May is due for release at 10:00 am ET.
European stocks dropped in afternoon trade. At 13:04 pm London time, the UK FTSE fell 31.99 points or 0.75% to 4,246.47. The German DAX and French CAC decreased 0.28% and 0.33% respectively.
Asian stocks finished lower. The Nikkei 225 lost 137.13 points or 1.39% to end at 9,703.72. The Hang Seng index of Hong Kong fell 307.94 points or 1.70% to 17,776.66.
NYMEX Crude oil for July delivery declined 22 cents to $70.81 a barrel in electronic trading.
Disclosure: Author does not own any of the stocks discussed here.
