U.S. Stock-Index Futures Extend Gain Following Decrease in Jobless Claims
Sept. 9 (Bloomberg) -- Jeff Saut, chief investment strategist at Raymond James & Associates, which manages $235 billion in St. Petersburg, Florida, talks about the outlook for U.S. stocks and the economy. U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for the fifth time in six days, as concern eased that Europe’s sovereign debt crisis will derail the global economic recovery. Saut talks with Susan Li on Bloomberg Television. (Source: Bloomberg)
U.S. stock-index futures extended gains after government data showed jobless claims decreased more than economists estimated last week, tempering concern that the economic rebound is slowing.
Futures on the Standard & Poor’s 500 Index expiring this month rallied 0.8 percent to 1,108.3 at 8:31 a.m. in New York. Dow Jones Industrial Average futures climbed 63 points, or 0.6 percent, to 10,455.
Initial jobless claims dropped by 27,000 to 451,000 in the week ended Sept. 4, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance was little changed, while those getting extended payments rose.
The S&P 500 rose for the fifth time in six days yesterday as concern eased that Europe’s sovereign debt crisis will derail the global recovery.
Still, the benchmark measure has fallen 9.7 percent from its 2010 high in April amid mounting evidence of a slowdown in the world’s largest economy. The drop pushed the index’s valuation to 11.9 times estimated profits in the next year, near the lowest since March 2009.
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