U.S. stock futures climbed Thursday morning ahead of housing and employment data set to be released before the opening bell. Meanwhile, stocks climbed Wednesday on optimism over the global economic recovery, but this morning Oracle's revenue miss caused some caution on the Street.The DJIA nearly hit 9,800 on Wednesday, closing just above 9,791, within shot of the 10,000 mark, a level it has not been above since last October. Since bottoming at multi-year lows in March, the Dow has gained 47%, the S&P 500 has gained 55% and the Nasdaq has gained 65%.
Continuing the positive trend, Asian stock markets climbed to new highs for the year Thursday after strong U.S. industrial production data boosted confidence the world's largest economy is growing again. The Bank of Japan upgraded its assessment of its own economy and held its key interest rate unchanged at a near-zero Thursday as it tries to nurture a recovery. European shares were also higher.
Economic data due out this morning includes August housing starts and building permits at 8:30 a.m. Eastern, with investors expecting to see some stabilization. At the same time, weekly iniitial jobless claims is due out. The number likely rose last week, evidence that jobs remain scarce. At 10:00 a.m., the Philadelphia Fed regional survey of manufacturing conditions will be released.
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