Thursday, December 22, 2011

Stock Futures Hold Gains After Mixed Jobs, GDP Data. By ALAN R. ELLIOTT,

Stock futures held their early gains Thursday, showing little reaction to mixed unemployment and GDP growth data.
Dow futures were steady, up 51 points. Nasdaq 100 futures climbed 10.75 points and S&P 500 futures were 5.9 points higher.
Nearly all of the Dow's 30 stocks traded higher ahead of the opening, led by Kraft (KFT), Walt Disney (DIS) and JPMorgan (JPM).


Initial jobless claims edged lower for a second week, down 4,000 to 364,000 for the week ended Dec. 10. Analysts had expected a rise to 380,000. The prior week's number was revised upward by 2,000 claims. The four-week moving average of claims dropped by 8,000, to its lowest mark since June 2008.
Ongoing claims also slipped more than expected, to 3.546 million, down from 3.625 million.
The Commerce Department revised its estimate for third quarter gross domestic product growth lower, to 1.8% vs. the earlier 2% estimate. Analysts had expected no revision. The GDP deflator was revised a notch higher, to 2.6%, vs. the previous 2.5% estimate.
Optimism toward the European Central Bank's stimulus lending and a jump in the U.K.'s third quarter GDP growth lifted Europe's markets. Moving into afternoon trade, the DAX in Frankfurt and the FTSE 100 in London were each up 1.2%. The CAC-40 in Paris held a 1.5% gain. Markets in China and Japan ended their sessions with moderate losses.
Oil prices warmed to just above $99 a barrel. Gold and silver held steady.
Akamai Technologies (AKAM) rose 2% in premarket trade after reporting it would pay $268 million to acquire privately-held Cotendo. Cotendo, which makes products to accelerate website and mobile network performance, reportedly has a four-year distribution agreement with AT&T (T). Other Contendo customers include Google (GOOG), Microsoft (MSFT) and Facebook.

No comments:

BLOG ARCHIVE