Stock Futures Fall as Oil Surges
NEW YORK ( TheStreet) -- Stock futures pointed to a lower open Thursday despite better-than-expected initial jobless claims as investors feared that climbing oil prices could derail the economic recovery.
Futures for the Dow Jones Industrial Average were down by 39 points, or 30 points below fair value, at 12,055. Futures for the S&P 500 were lower by 6 points, or 7 points below fair value, at 1,299, and Nasdaq futures were off by 10 points, or 17 points below fair value.
Stocks saw a steep selloff for the second consecutive session on Wednesday. Crude oil prices briefly hit $100 a barrel as continued violence in Libya heightened concerns that turmoil would spread to major oil producers in the Middle East.Oil is trading above the $100 mark for the first time since 2008 as violence in the Libyan capital, Tripoli, creates concerns about continued oil production disruptions in the North African country.
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