US Stock Futures Higher After Jobless Data





U.S. stock futures worked their way higher on Thursday after weekly jobless claims data showed a halt to a two-week run of sharp rises and productivity data was revised up, as a string of retailers reported results.

S&P 500 futures rose 1.2 points to 1119.80, while Nasdaq 100 futures rose 5.5 points to 1857.50. Futures on the Dow Jones Industrial Average rose 18 points.

U.S. stocks ended slightly lower Wednesday after a late-day drop, as Pfizer reported disappointing results on an Alzheimer's drug and health stocks slipped on President Obama's new call for federal healthcare legislation.

Early data showed the number of people filing for initial unemployment benefits declined by 29,000 in the week ending Feb. 27 to a seasonally adjusted 469,000. That ends a two-week string of sharp increases. The four-week average of initial claims fell by 3,500 to 470,750.

"There is still very little evidence in this weekly, timely data, of any big pickup in hiring outside of some modest improvement. Tomorrow's Feb Payroll figure will also be impacted by the weather," Peter Boockvar, equity strategist at Miller Tabak, wrote in a note.

Meanwhile, productivity increased at a 6.9% annual rate in the fourth quarter, revised up from the 6.2% reported a month ago, while the third quarter was revised up to a 7.8% annual rate from 7.2% presently.

Still to come is data on factory orders at 10 a.m., EST.

Retailers were busy announcing same-store sales, and Pier 1 Imports Inc. (PIR) and Urban Outfitters Inc. (URBN) also reported fourth-quarter earnings ahead of estimates.

Shares of PetSmart Inc. (PETM) jumped nearly 11% in preopen trade after quarterly results beat analysts' estimates and the company said it sees a strong 2010.

Wal-Mart Stores Inc. (WMT) announced it's raising its dividend by 11% to $1.21 a share in 2011, from $1.09 paid during the 2010 fiscal year.

Boeing Co. (BA) could be in focus after an upgrade to neutral from sell by UBS AG (UBS). Other upgrades include Coca-Cola Co. (KO), lifted to buy at UBS and Walt Disney (DIS), raised to buy at Bank of America Merrill Lynch.

The Bank of England and European Central Bank each held interest rates unchanged at historically low levels, as expected.

As earnings season winds down, Ciena Corp. (CIEN) shares dropped 8.1% as it reported a widening loss and issued a cautious second-quarter target.

Anheuser-Busch InBev (ABI.BT, BUD) fell in Brussels after reporting a smaller-than-forecast rise in adjusted profit and offering cautious 2010 guidance.

Asian shares ended mostly lower Thursday, with Chinese banking and property shares losing ground a day before the mainland's annual National People's Congress amid concerns about policy tightening.

Europe stocks sagged after four winning sessions in a row.

Oil futures were weaker but held above the $80-a-barrel market, while gold futures slipped $4.90 an ounce.

The dollar index was slightly lower.