Futures Hold Losses After Economic Reports
U.S. stock index futures held their losses Thursday following the jobless claims news and final estimates for fourth-quarter 2011 GDP report.
The economy increased at a 3.0 percent annual rate, the fastest pace since mid-2010, according to the Commerce Department in its final estimate. The result came in line with economists' expectations, according to Reuters. The economy grew at a 1.8 percent rate in the third quarter.
And weekly jobless claims declined 5,000 to a seasonally adjusted 359,000, hitting another four-year low in the previous week, according to the Labor Department. Still, the report disappointed as economists surveyed by Reuters had expected a reading of 350,000.
Best Buy gained even after the electronics chain posted weaker-than-expected quarterly results and added it will close 50 stores and cut 400 positions.
Mosaic slipped after the fertilizer maker posted a sharp decline in earnings, hurt by lower potash fertilizer sales and higher costs in phosphate fertilizer.
Research In Motion is scheduled to post earnings after-the-bell.
European shares were slightly lower on Thursday, with energy stocks sliding on worries about French oil firm Total’s gas leak in the North Sea.
—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC—
Coming Up This Week:
THURSDAY: Fed's Plosser speaks, 7-yr note auction, farm prices, Fed's Lacker speaks; Earnings from, Research In Motion
FRIDAY: Personal income & outlays, Chicago PMI, consumer sentiment, Stringer's last day as Sony CEO
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