Stock futures were pointing to a higher open Thursday as the
Dow Jones Industrial Average
geared up to make another run at history.
Futures on the
were adding 1 point at 1348.50, about 4 points above fair value. Nasdaq 100 futures were gaining 1 point to 1678.50, nearly 7 points ahead of fair value.
On Wednesday, rising oil prices pressured the Dow late, and the index ended about 34 points below its best-ever close. By the finish of trading, the Dow had gained 19.85 points, or 0.17%, to 11,689.24. The S&P 500 ticked up 0.25 point, or 0.02%, to 1336.59, and the
ended ahead by 2.05 points, or 0.09%, to 2263.39.
For the Dow, its top close was just under 11,723 on Jan. 14, 2000. The all-time intraday mark of around 11,752 was set two days before the record finish.
Though the index ventured above 11,700 during the session, jumping crude futures put a dent in the rally. Oil rose $1.95 to $62.96, and was lately following that move with another 23-cent gain to climb above $63 a barrel.
Other commodities were also stronger. Gold was rising $6.90 to $610.20 an ounce, and silver was up 12 cents at $11.82 an ounce.
After the close,
said the Food and Drug Administration approved its colorectal cancer drug Vectibix, a product for which the company has high hopes. Analysts believe the drug could put pressure on sales of Erbitux, the colon cancer treatment from
shares could be on the move, as the company is set to replace
Golden West Financial
in the S&P 500 after the close of trading Friday. That means fund managers who track the index will need to buy Smith in order to add it to their holdings. Golden West is being acquired by
On the research front, ThinkEquity downgraded
to sell from buy and dropped its price target by $5 to $25. The firm also cut
Advanced Micro Devices
to sell from buy and reduced its target price by $10 to $20. In both cases, the firm cited what it sees as a slowdown at
To view Sandy Brown's video take on today's market, click here