Jobless Claims Down, Market Heads Up

Bloomberg  July 29 2010 10:26:28 AM

U.S. Stock-Index Futures Extend Gains on Drop in Jobless Claims

U.S. stock-index futures extended gains after the government reported a bigger-than-estimated drop in jobless claims.

Futures on the Standard & Poor’s 500 Index expiring in September climbed 0.6 percent to 1,108.5 at 8:31 a.m. in New York. Dow Jones Industrial Average futures rose 50 points, or 0.5 percent, to 10,498.

Initial jobless claims dropped by 11,000 in the week ended July 24 from a revised 468,000, Labor Department figures showed today in Washington. The number of people receiving unemployment

insurance rose, while those getting extended payments declined.

The S&P 500 dropped 0.7 percent yesterday after orders for durable goods unexpectedly decreased and the Federal Reserve said economic growth slowed in some areas. The gauge has climbed 7.3 percent in July, headed for its best monthly advance in a year, as more than 80 percent of its companies that

have reported so far posted second-quarter results that topped analysts’ estimates.

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