U.S. stock market futures were slightly higher Thursday morning after the House approved a $14 billion auto industry bailout. The bailout still has to pass in the Senate where it faces opposition from Republicans. Investors also await to hear more about the economy today.Overseas, Asian markets closed generally higher. European stocks, which started the day with losses, recouped most of them on expectations U.S. markets will open higher. Meanwhile, oil prices rose more than 4% Thursday to above $45 a barrel despite an energy watchdog's warnings that global demand is sliding sharply. OPEC's expected production cut took precedent.
In economic news, the number of foreclosures actually fell last month to the lowest level since June as new state laws lengthened the foreclosure process, RealtyTrac reported Thursday. But foreclosures are expected to spike in January.
Also, at 8:30 a.m. EST, the Labor Department will release its weekly report on initial jobless claims. At the same time, November import and export prices are due out, as well as October trade balance.
[Update 8:45 am: U.S. stock market futures erased earlier gains and are now pointing to a lower start after jobless claims jump to 26-year high. Initial filings rise by 58,000 to 573,000 last week.]
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Reader Comments (Page 1 of 1)
12-11-2008 @ 9:28AM
Virgil Bierschwale said...
I wrote two articles this morning titled "Wake up and smell the roses" and "Treason" that directly address the issue of why bailouts will not work and why the job losses are going to get worse.
Please read those articles and help put America back to work so that our retailers, manufacturers and raw material producers will be able to stay in business and put American's back to work in America.
Virgil
http://www.KeepAmericaAtWork.com