Stock Futures Point To Higher Wall Street Open

IEVA M. AUGSTUMS

Stock futures pointed to a higher open on Wall Street Thursday on renewed expectations of a return to economic growth this year.

U.S. stock index futures followed the lead of overseas markets. In China, the Shanghai market rebounded from a sharp selloff and the major European indexes were all up more than 1 percent. The markets rallied around oil prices, which rose on signs of improving demand. Oil remained above $72 a barrel in pre-opening trading on the New York Mercantile Exchange.

Stocks have been trading erratically this week as investors, absorbing mixed economic signals, have alternated between optimism and pessimism about a recovery.

Dow Jones industrial average futures rose 28, or 0.3 percent, to 9,304. Standard & Poor's 500 index futures gained 4.10, or 0.4 percent, to 1,001.20, while Nasdaq 100 index futures rose 1.25, or 0.1 percent, to 1,600.00.

On Wednesday, stocks rebounded from early losses and rose moderately after a drop in oil inventories lifted hopes for an economic recovery.

Investors were getting more earnings reports from retailers and other companies that directly serve the consumer, and hoping for more insight into whether Americans might increase their spending and help fuel an economic recovery. The news from Sears Holdings Corp. wasn't good; the retailer said it lost money in the second quarter as its sales fell and it closed stores.