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June 11, 2009

<img src=" http://www.joplinglobeonline.com/images/zope/thursday.gif" border=0> Stock index futures modestly higher

Anonymous The Joplin Globe Thu Jun 11, 2009, 08:19 AM CDT

NEW YORK (AP) — Stock index futures rose modestly Thursday morning, pointing to a higher opening on Wall Street ahead of some key economic data.

Wall Street is trying to bounce back after a moderate decline Wednesday amid growing worries about rising interest rates. European markets were up fractionally Thursday after a mixed showing in Asia.

Investors are awaiting key reports on U.S. weekly jobless claims and retail sales to help better determine if the ongoing recession is abating. Amid the markets recent three-month rally, investors have latched on to any signs that economic deterioration was lessening to help push stocks higher.

The Labor Department’s weekly report on unemployment is likely to show new claims for jobless benefits fell slightly, but continuing claims likely hit a new record.

New jobless claims are forecast to dip to a seasonally adjusted 615,000 from the previous week’s 621,000, according to economists polled by Thomson Reuters.

Workers continuing to file for claims is expected to jump 35,000 to 6.77 million, which would be the highest level since records began in 1967.

The weekly unemployment claims report is due out at 8:30 a.m. EDT.

The Commerce Department is scheduled to release its monthly retail sales data for May. Economists expect sales rose 0.5 percent after falling for two straight months. The report is due to be released at 8:30 a.m. EDT.

Retail sales are seen as a key indicator of economic improvement because consumer spending accounts for more than two-thirds of economic activity. It is widely believed that improved spending is needed to help end the ongoing recession.

Ahead of the reports, Dow Jones industrial average futures rose 20, or 0.23 percent, to 8,774. Standard & Poor’s 500 index futures rose 2.80, or 0.30 percent, to 943.30, while Nasdaq 100 index futures increased 5.00, or 0.33 percent, to 1,500.75.

The market is trying to shake off fresh concerns about rising interest rates, which could dampen any improvement in consumer spending and slow a recovery. Stocks fell moderately Wednesday after the government sold $19 billion in 10-year Treasury notes in a relatively weak auction. There were plenty of bidders, but the government had to lure them in with a higher yield than the market anticipated.

The Dow dipped 24 points, while the S&P; 500 fell about 3 points.

Another round of Treasury note auctions is scheduled for Thursday, which could provide additional insight into the movement of interest rates. The government is scheduled to auction $11 billion in 30-year bonds.

Bond prices fell Thursday morning. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.97 percent from 3.96 percent late Wednesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.18 percent from 0.17 percent late Wednesday.

A weakening dollar has also added to inflationary fears because it can drive up the price of imported goods and commodities. The dollar fell against other major currencies, while gold prices rose. Oil prices rose 74 cents to $72.07 a barrel in premarket electronic trading on the New York Mercantile Exchange.

Meanwhile, overseas, Japan’s Nikkei stock average fell 0.1 percent. In afternoon trading, Britain’s FTSE 100 rose 0.3 percent, Germany’s DAX index gained 0.5 percent, and France’s CAC-40 rose less than 0.1 percent.

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