Sponsored Links
REFILE-US STOCKS-Wall St to tick up at open, Dow may rise for 10th day
* Jobless claims unexpectedly fall, down for third week
* E*Trade shares fall after Citadel sells stake
* Amazon slips after JPMorgan downgrade
* Futures up: Dow 22 pts, S&P 4 pts, Nasdaq 11 pts
By Rodrigo Campos
NEW YORK, March 14 (Reuters) - Wall Street was set to rise at the open on Thursday, possibly extending the Dow's winning steak to 10 days, after data showed the labor market recovery was gaining traction.
The number of filings for new unemployment benefits unexpectedly fell in the latest week, following declines in the previous two weeks.
"Every week that claims stay down, it confirms it's not an anomaly, and this is pretty important," said Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
He said the downward trend in jobless claims was "one of the reasons the market has been strong year to date."
Separate data showed U.S. producer prices rose in February by the most in five months as gasoline prices spiked. There was, however, little sign of a broader increase in inflation pressures that could force the Federal Reserve to tighten monetary policy.
The S&P 500 closed Wednesday about 10 points away from a record high, as investors tried to find reasons to keep the rally going. The Dow has risen for nine straight days, a streak not seen since late 1996. Over the last two days, however, its gains have been less than 0.1 percent.
"You don't string together more than eight or nine days very often," said De Gan.
"We're pretty clearly going to get a correction here soon, but I don't think it'll be much. It could be precipitated by almost anything."
S&P 500 futures rose 4 points but were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 22 points, and Nasdaq 100 futures added 11 points.
Amazon shares fell 2.3 percent to $268.82 in premarket trading after JPMorgan cut its rating on the stock to "neutral" from "overweight" and lowered its price target to $300 from $333.
E*Trade shares fell 6.2 percent in premarket trading after Citadel LLC, its largest investor, said it is selling its entire stake in the discount brokerage and bank company.
China Mobile said it plans to spend $6.7 billion to develop 4G technology this year, hoping to tap pent-up demand for Apple phones as it gets an iPhone model that will run on its network.
- Tweet this
- Link this
- Share this
- Digg this
- Reprints



Follow Reuters