Stock Market Today: Futures Rise as Markets Anticipate a Dovish Yellen
NEW YORK (TheStreet) -- U.S. stock futures rose Thursday as investors awaited Federal Reserve Chair Janet Yellen's speech on Friday at the annual gathering of central bankers in Jackson Hole, Wyo. The event kicks off on Thursday and ends on Saturday.
The markets were brushing off the Federal Reserve's release of what was thought by many to be a more hawkish-than-expected set of July meeting minutes, rising as they sustained the momentum of the past six days and on expectations that Yellen will emphasize the importance of sticking to an accommodative interest rate policy. Economists expect that she'll say it's not necessary right now to expedite the reversal of monetary policy as inflation appears to be easing and wage growth remains muted.
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"The S&P 500 appears to be on a mission to eclipse the 2,000 level before considering the consequences of an uncontrolled advance," said S&P Capital IQ's managing director of U.S. equity strategy, Sam Stovall.
Dow Jones Industrial Average futures rose 36 points, or 33.87 points above fair value, to 16,986, S&P 500 futures advanced 3.25 points, or 2.94 points above fair value, to 1,986.5. After the Fed minutes, the index rose to settled near its July 24 closing high. Nasdaq futures on Thursday gained 4.3 points, or 4.1 points above fair value, to 4,043.8.
For a closer look at what's lifting U.S. Markets this morning, click the video below:
WATCH: More market update videos on TheStreet TV A number of economic releases on Thursday morning could provide more color heading into Yellen's speech. The government reported ahead of the open that initial jobless claims for last week arrived below expectations at 298,000 vs. the 300,000 consensus estimate. Data Thursday will also include the August Markit PMI "Flash" Manufacturing Index scheduled for 9:45 a.m. EDT, and July existing home sales, results from the August Philadelphia Fed Business Outlook Survey, and the Conference Board's Index of Leading Indicators for July all at 10 a.m. Read More: Exxon vs Chevron: Battle of the Oil Dividend Behemoths In top corporate news Thursday, Bank of America's (BAC - Get Report) much-anticipated settlement with the U.S. Justice Department over fraudulent mortgage securities the bank sold to investors is less punitive than the $17 billion price tag suggests and doesn't address the wrongs it purports to remedy. Shares were up 0.84% to $15.65.
Sears (SHLD - Get Report) was down 5.42% to $34 after announcing its ninth straight quarterly loss as it continues to battle weak sales. Activist investor Carl Icahn has taken a stake of more than 8% in Hertz Global Holdings (HTZ - Get Report) and may seek representation on the rental car company's board, as it works to resolve accounting restatements, missed earnings and a delayed spinoff of its equipment rental business. Hertz added on 0.89% to $30.60. United Parcel Service (UPS) said some customers of The UPS Store may have had their credit and debit card information exposed by a computer virus found on systems at 51 stores in 24 states. Read More: Stock Market Today: Stocks Regain Momentum, Shrug Off Hawkish Fed Minutes --By Andrea Tse in New York Follow @AndreaTTse
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