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U.S. stock futures once again rose Thursday morning, indicating Wall Street is ready to finish this shortened week on a high note. Investors await economic data on jobs and manufacturing as they mull the implications of the health care bill just passed in the senate. Markets will close at 1 p.m. Eastern today and volume is likely to be light. Market are closed Friday.Health care and related sectors are in focus today after the Senate passed a landmark health care bill Thursday. The bill ushers in near-universal medical coverage for the first time in the country's history. The Senate's bill must still be merged with legislation passed by the House before Obama could sign a final bill in the new year. There are significant differences between the two measures, but both bills would extend health insurance to more than 30 million more Americans, but still leave over 20 million uninsured.
Several economic indicators are due to be released at 8:30 a.m., an hour before the opening bell:
- Durable goods orders for November is projected to have risen 0.4% in November after declining 0.6% the previous month Excluding transportation, durable goods orders are expected to have risen 1%.
- Weekly initial and continuing jobless claims report will also be reported at the same time. Economists expect the number of first-time filers will fall to 470,000 from the previous week's 480,000 new claims.
Overseas, Asian markets moved higher Thursday amid expectations China will maintain loose monetary policy. Japan's Nikkei set a fresh three-months high as it rose 1.5%. European stock markets moved sideways as trading was subdued before the Christmas holiday. Stocks around the world have rallied this week
The Senate also voted Thursday to raise the ceiling on the government debt by $290 billion to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address next year.
The U.S. dollar index fell 0.4%, coming off three-month highs against a basket of currencies.
Meanwhile, oil prices hit a three-week high above $77 a barrel Thursday before surrendering most of its gains as a larger than expected drop in U.S. crude supplies fueled investor optimism that consumer demand is improving.
Among stocks in the news are Citigroup Inc. (C), which repaid TARP money and got restriction on exec pay lifted, Pfizer Inc. (PFE), whose Lyrica drug was again rejected by the FDA and Bunge Ltd. (BG), which said it would acquire Usina Moema Participacoes.
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