In this Wednesday, Nov. 22, 2012, photo, Eva Cevallos with her eleven-month daughter, Quinn, shop during the Thanksgiving Pre-Black Friday event at the Walmart Supercenter store in Rosemead, Calif. Wal-Mart Stores Inc. offered a weak business outlook Thursday, Feb. 21, 2013, as new economic challenges for its low-income U.S. shoppers start to take a toll. (AP Photo/Damian Dovarganes)
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In this Wednesday, Nov. 22, 2012, photo, Eva Cevallos with her eleven-month daughter, Quinn, shop during the Thanksgiving Pre-Black Friday event at the Walmart Supercenter store in Rosemead, Calif. Wal-Mart Stores Inc. offered a weak business outlook Thursday, Feb. 21, 2013, as new economic challenges for its low-income U.S. shoppers start to take a toll. (AP Photo/Damian Dovarganes)
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Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Feb. 27, 2013. Stocks surged for a second day, putting the Dow on track for its highest close of the year. (AP Photo/Seth Wenig)
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FILE - In this Tuesday, Feb. 21, 2012 file photo, traders work on the floor at the New York Stock Exchange in New York. Stock markets around the world are mixed, Thursday, Feb. 7, 2013. Investors in Japan took profits following a huge rally, while those in China pulled back ahead of a weeklong holiday. However, European markets are higher in early trading. Futures point to a rise when trading opens on Wall Street Thursday morning. (AP Photo/Seth Wenig, File)
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In this Wednesday, Jan. 30, 2013, photo, specialist John O'Hara works at his post on the floor of the New York Stock Exchange. An unexpected contraction in the U.S. economy at the end of 2012 weighed on world markets Thursday Jan. 31, 2013 ahead of closely-watched jobs figures. (AP Photo/Richard Drew)
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FILE - In this Feb. 20, 2013, file photo, Maureen Smaldone, a trader for Brendan E. Cryan and Company, monitors trading activity from her workstation at the New York Stock Exchange. The positive mood in financial markets showed few signs of abating Thursday March 7, 2013 ahead of policy statements from Europe's top two central banks. (AP Photo/Bebeto Matthews, File)
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FILE - In a March 21, 2012 file photo, Specialist Paul Cosentino, right, directs trading on the floor of the New York Stock Exchange. Stocks closed mostly lower Tuesday Aug. 14, 2012, after trading slightly higher for much of the day. (AP Photo/Richard Drew,file)
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Traders work on the floor of the New York Stock Exchange, Wednesday, Feb. 13, 2013 in New York. (AP Photo/Henny Ray Abrams)
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James Riley, left, of Dag Securities works on the floor of the New York Stock Exchange, Wednesday, Feb. 13, 2013 in New York. (AP Photo/Henny Ray Abrams)
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Paul Cosentino, left, of Goldman Sachs and Patrick Armstrong of Prime Executions work on the floor of the New York Stock Exchange, Wednesday, Feb. 13, 2013 in New York. (AP Photo/Henny Ray Abrams)
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FILE - In this Tuesday, Dec. 11, 2012 file photo, an advertisement in the classified section of the Boston Herald newspaper calls attention to possible employment opportunities in Walpole, Mass. Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent. (AP Photo/Steven Senne, File)
Futures higher; S&P 500 positioned for record
NEW YORK (
AP) — U.S. stock futures rose after economic indicators released by the government Thursday buttressed optimism about an economy that appears to be gaining momentum.
Dow Jones industrial futures rose 23 points to 14,421. The broader S&P futures, which have been nearing record highs, rose 4.1 points to 1,554.10. Nasdaq futures gained 11.5 points to 2,805.
Fewer Americans sought unemployment benefits, dropping the average number of weekly applications last month to a five-year low, according to the Labor Department. The four-week average, which is a more stable indicator, fell to 346,750, the lowest since March 2008, several months after the economy went into decline.
Economists had expected weekly jobless claims to rise.
Rising gasoline prices helped push wholesale prices higher, but the producer price index, which grew a seasonally adjusted 0.7 percent in February, has risen just 1.7 percent in the past 12 months.
That is comfortably below the Federal Reserve's 2 percent inflation target.
And the Commerce Department reported Thursday that the U.S. current account trade deficit narrowed in the final three months of 2012.
However, for the year, the deficit climbed to levels not seen in the past four years.
Tags:
federal reserve, commerce department, labor department, dow, united states, science_technology, points, thursday, gasoline prices, average number, dow jones industrial average, momentum, optimism, inflation, economy, central bank, unemployment, great depression, monetary policy, new york, economists, futures, economic indicators, record highs, unemployment benefits, wholesale prices, broader s&p futures, jones industrial futures, nasdaq futures, weekly applications, four-week average, five-year low, u.s. stock futures, fewer americans, weekly jobless claims, percent inflation target, producer price index, account trade deficit, stable indicator
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