Stock futures climb as Federal Reserve wraps up meeting; Europe debt problems remain

Stock futures climb, point to higher opening

NEW YORK — Stocks are set to rebound Thursday after reports showed unemployment claims fell in the U.S. last week and China’s economy has not been slowed by the European sovereign debt crisis.

The two reports provide some relief, at least temporarily, to two major nagging issues that have made investors anxious in recent weeks and sent stocks sharply lower.

Asian and European markets rose after China said exports rose 48.5 percent in May, while imports jumped 48.3 percent last month. The jump in trade provides some relief that mounting debt problems in Europe might not throw off a global economic recovery.

The 27-nation European Union accounts for China’s largest trading partner, so there are worries that if Europe’s economy slows, China’s economy will as well.

An economic recovery in China and other developing nations has outpaced a rebound in more developed economies, so a pullback there would deal a blow to global growth.

The euro, which is used by 16 countries in Europe, rose to $1.2039 Thursday. The currency has become an indicator of investor confidence in Europe’s economy. It has also heavily influenced global stock markets in recent weeks because of concerns that rising debt in countries like Greece, Spain and Portugal would upend a global economic recovery.

While investors worry about how Europe’s debt problems could affect the rest of the world, there are also concerns about continued high unemployment in the U.S. High unemployment remains one of the biggest obstacles to a strong domestic rebound.

A Labor Department report Thursday said new claims for unemployment fell by a less-than-forecast 3,000 to a seasonally adjusted 456,000. While that figure fell short of economists’ forecast for a drop to 448,000, investors were heartened by data showing total claims last week dropped by the largest amount in almost a year. Total unemployment benefit rolls fell by 255,000 to 4.5 million.

The drop in total claims provides some hope that laid-off workers are starting to find new jobs. It was welcome relief after the Labor Department said last week that private employers slowed their hiring in May to the lowest levels since January.

Job creation is considered vital to a sustained recovery in the U.S. and consistently positive jobs data could get investors to regain confidence in a domestic recovery after worries about Europe’s troubles have overwhelmed global markets for more than a month.

Ahead of the opening bell, Dow Jones industrial average futures rose 52, or 0.5 percent, to 9,955. Standard & Poor’s 500 index futures rose 7.40, or 0.7 percent, to 1,062.90, while Nasdaq 100 index futures rose 7.75, or 0.4 percent, to 1,790.00.

Stocks are looking to bounce back after a late-day slide sent major indexes lower for the third time in the past four trading sessions. Wednesday’s pullback came as traders grow concerned about whether BP PLC will be able maintain its dividend or possibly have to file for bankruptcy protection as it faces growing claims from the Gulf of Mexico oil spill.

BP shares traded in New York plunged 15.8 percent to a 14-year low of $29.20 on Wednesday. Its shares trading in London extended that decline after European markets opened Thursday. Despite the drop in London shares, BP’s U.S. shares rose $2.82, or 9.7 percent, to $32.02 in pre-opening trading.

Meanwhile, bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.23 percent from 3.18 percent late Wednesday.

Overseas, Britain’s FTSE 100 gained 0.1 percent, Germany’s DAX index rose 0.5 percent, and France’s CAC-40 rose 0.4 percent. Japan’s Nikkei stock average rose 1.1 percent.