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US STOCKS-Futures rise, jobless claims data in sight

Published 09/09/2010, 08:03 AM
Updated 09/09/2010, 08:08 AM
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* Economists expect dip in jobless claims-poll

* Goldman fined $27 mln by UK financial regulator

* Futures up: Dow 28 pts; S&P 4.2 pts; Nasdaq 7.75 pts

* For up-to-the-minute market news see [STXNEWS/US] (Updates prices, adds byline)

By Rodrigo Campos

NEW YORK, Sept 9 (Reuters) - U.S. stock index futures rose for a sixth day in seven on Thursday ahead of weekly data expected to show a tick down in applications for unemployment insurance.

Data on claims for jobless benefits for the week ended Sept. 4 is due at 8:30 a.m. (1230 GMT), and economists in a Reuters survey forecast a total of 470,000 new filings compared with 472,000 in the prior week.

Also due at 8:30 a.m. is U.S. July international trade data, with economists in a Reuters survey forecasting the trade deficit to shrink to $47.3 billion from $49.9 billion in June.

"Investors are betting that we are probably not far from an economic rebound, and with (Treasury) bonds offering not much of a yield the risk-reward profile in equities is becoming appealing," said Andre Bakhos, director of market analytics at Lek Securities in New York.

S&P 500 futures rose 4.2 points and were above 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 gained 28 points and Nasdaq 100 futures added 7.75 points.

Volume is expected to be low again as the Jewish New Year is celebrated and many market participants stay on the sidelines. The six lowest volume days of the year have come in the last month.

S&P futures are up 5.5 percent in the last seven sessions, the best such performance since mid-July.

The moving average convergence divergence chart of S&P 500 futures turned increasingly bullish after the MACD line moved above the zero line, confirming last week's call on a shift in momentum.

Oil rose 0.4 percent to about $75 a barrel, drawing some strength from an initial report of falling U.S. inventories. Industry data late on Wednesday surprised the market with indications of a decline in U.S. fuel stockpiles, which have hit record levels, but government statistics for release on Thursday could contradict those figures.

Convenience store operator 7-Eleven is the mystery third party that offered to buy Casey's General Stores Inc for $40 a share, or $2.03 billion, a source familiar with the situation said on Wednesday. The bid exceeds the $38.50 a share offered by Canada's largest convenience store chain, Alimentation Couche-Tard Inc , which has been embroiled in a hostile takeover bid for the smaller rival since April. [ID:nN08129219]

Goldman Sachs Group has been fined 17.5 million pounds ($27 million) by a UK financial regulator for failing to disclose it was under fraud investigation by its U.S. counterpart.

European stocks edged higher with miners and banks up as a European Central Bank member expressed optimism on the euro zone economy, though gains were capped by weaker retailers after gloomy updates.

U.S. stocks rose on Wednesday as investors latched onto positive news out of Europe. (Editing by Padraic Cassidy)

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