Stock futures moved higher after better-than-expected weekly jobless data

Stock futures higher on improving jobless data

NEW YORK — Stock futures are mostly higher after a report showed new unemployment insurance claims unexpectedly fell last week.

The Labor Department says new claims for unemployment insurance plunged by 47,000 to 522,000, the lowest level since early January. Economists had expected an increase to 575,000.

The surprising report has added additional hope that the economy might be in better shape than previously thought. The market had been surging throughout the week on upbeat earnings reports and forecasts.

Dow Jones industrial average futures are up 41, or 0.5 percent, at 8,584. Standard & Poor’s 500 index futures are up 2.60, or 0.3 percent, at 930.00, while Nasdaq 100 index futures are down 1.50, or 0.1 percent, at 1,495.75.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEW YORK (AP) — Stock futures are trading in a narrow range Thursday after excitement that JPMorgan Chase & Co.’s earnings easily beat estimates was tempered by concern that a top lender to small businesses could collapse.

Overseas markets were modestly higher.

The market had been surging throughout the week on upbeat earnings reports and forecasts, resuming a rally that stalled last month. After three days of gains, caution has returned as small and midsize business lender CIT Group Inc. said negotiations with regulators about a possible rescue broke off after days of talks. That raised expectations that the New York-based financial firm could file for bankruptcy protection.

CIT’s fate has tempered some of the excitement over upbeat earnings reports and outlooks from companies like JPMorgan and chipmaker Intel Corp.

JPMorgan said Thursday it generated record revenue, spurred on by strong investment banking operations. Its results come two days after earnings at another banking giant, Goldman Sachs Group Inc., also topped expectations.

The strong earnings from the banks has provided fuel to beliefs the economy is rebounding. The results also show that many of the nation’s biggest banks have quickly recovered from the collapse of credit markets last fall that led to the failure of Lehman Brothers and near collapse of American International Group Inc.

Ahead of the opening bell, Dow Jones industrial average futures fell 2, or 0.02 percent, to 8,541. Standard & Poor’s 500 index futures fell 2.00, or 0.2 percent, to 925.20, while Nasdaq 100 index futures fell 2.00, or 0.1 percent, to 1,495.25.

Thursday brings even more earnings reports that could provide additional signs into how the economy is faring. Internet powerhouse Google Inc. and computer maker International Business Machines Corp. both report earnings after the market closes.

Investors will also get a weekly jobless claims report Thursday morning. The Labor Department is expected to say new unemployment insurance claims last week grew by 10,000 to a seasonally adjusted 575,000, according to economists polled by Thomson Reuters.

The report is due out at 8:30 a.m. EDT.

The market soared Wednesday as investors felt better-than-expected earnings reports from companies like chipmaker Intel showed the economy might be in better shape than thought.

All the major indexes rose about 3 percent, and the Dow jumped 257 points for its biggest one-day gain in nearly four months.

Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.58 percent from 3.62 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.17 percent late Wednesday.

The dollar mostly rose against other major currencies, while gold prices fell.

Overseas, Japan’s Nikkei stock average rose 0.8 percent. In afternoon trading, Britain’s FTSE 100 rose 0.2 percent, Germany’s DAX index rose 0.7 percent, and France’s CAC-40 gained 1 percent.