U.S. stock futures advanced Thursday morning, indicating markets are set to open higher even as news outlets report Chrysler is on the brink of bankruptcy. Hopes for an economic recovery seem the main reason for market optimism.The Associated Press reported its sources are saying talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated.
Overseas, world stock markets rose sharply Thursday even though the World Health Organization increased the threat level of the swine flu. Instead, the Federal Reserve's statement suggesting that the worst of the recession in the U.S. may be behind us took over sentiment. Europe's Dow Jones Stoxx 600 Index recouped its 2009 loss on economic hopes and a stream of earnings that beat analysts' estimates. Similarly, oil rose above $51 a barrel Thursday.
Economic releases today include:
- Weekly Initial Unemployment Claims at 8:30 AM
- March Personal Income and Spending at 8:30 AM
- April Chicago PMI at 9:45 AM
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