Stock futures rise slightly after inflation, jobless claims reports

Stock futures edge up after price, jobs data

NEW YORK — Stock futures rose slightly Thursday after reports showed inflation remains benign and new claims for unemployment fell last week.

Stocks have been grinding higher over the past five weeks, with the Dow Jones industrial average up about 825 points during that time. The Dow has risen for seven straight sessions. The Standard & Poor’s 500 and Nasdaq composite indexes are both at their highest levels since 2008.

Gains over the past couple of days came after the Federal Reserve said it would keep a key lending rate at historic lows and noted the economy is showing more signs of improvement.

Any advance Thursday could be tempered by fresh concerns about debt problems in Greece. Worries about Greece’s debt have weighed on the market off and on for nearly two months as the country tries to sort out billions of dollars in budgetary gaps. Overseas markets were mixed.

Ahead of the opening bell, Dow Jones industrial average futures rose 15, or 0.1 percent, to 10,678. Standard & Poor’s 500 index futures rose 0.80, or 0.1 percent, to 1,161.80, while Nasdaq 100 index futures rose 3.00, or 0.2 percent, to 1,937.00.

The Labor Department said the Consumer Price Index was unchanged in February. Excluding volatile energy and food prices, the CPI rose 0.1 percent. Economists polled by Thomson Reuters, on average, forecast a rise of 0.1 percent in both figures.

The slow economic recovery and continued high unemployment have kept prices in check.

It was the second straight day the Labor Department reported tame inflation figures. On Wednesday, a report on inflation at the wholesale level showed rising prices are almost nonexistent.

The Fed has repeatedly said inflation is expected to remain low for quite some time. That will allow the central bank to keep interest rates low to help try and drive economy growth. Low rates are also favorable for stocks and other riskier investments like commodities.

High unemployment is likely to be the biggest stumbling block for strong, sustained growth. The Fed isn’t expected to start hiking rates until job creation is consistent.

The Labor Department also said Thursday that initial jobless claims fell by 5,000 to a seasonally adjusted 457,000. Economists were expecting claims to fall to 455,000.

Even though it came up just short of expectations, it was the third straight week of declines, which provide evidence that layoffs are slowing and employers could start hiring new workers soon.

In corporate news, FedEx Corp. said its fiscal third-quarter profit more than doubled. It also raised its full-year earnings forecast, which brought it in line with analysts’ expectations.

FedEx is considered a bellwether for the recovery because of the variety of products it ships.

Meanwhile, bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, was unchanged at 3.64 percent, compared with late Wednesday.

The dollar rose against other major currencies. Gold rose slightly, while oil fell.

Overseas, Japan’s Nikkei stock average fell 1 percent. Britain’s FTSE 100 rose 0.2 percent, Germany’s DAX index rose 0.1 percent, and France’s CAC-40 rose 0.1 percent.