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Stock futures pare decline after economic data

Stock futures pare decline after economic data

Stock futures are paring their losses following reports on unemployment and retail sales.
The Labor Department said Thursday new jobless claims rose to a seasonally adjusted 654,000 from the previous week's 639,000. The increase is more than economists had expected.
Meanwhile, the Commerce Department says that retail sales dropped 0.1 percent in February. That was a smaller decline than the 0.5 percent drop expected by economists. Still, it's the seventh slide in eight months.
The Dow Jones industrial average futures are down 20 to 6,894, after being down about 43 points ahead of the reports. The Standard & Poor's 500 index futures are down 1.4 to 719, and Nasdaq 100 index futures are down 6 to 1,118.
On Wednesday, the Dow Jones industrials managed to record their first two-day climb since early February. While the gains were modest compared with the huge spike on Tuesday, when investors flooded the market on news that Citigroup Inc. was operating at a profit, the advance was a victory nonetheless after weeks of unrelenting selling.
Still, analysts have warned that many underlying economic problems remain and that the rally was likely short-lived.
Overseas markets mostly fell on renewed concerns about the global economy and the spreading of the financial crisis. Japan's Nikkei stock average dropped 2.41 percent, while Hong Kong's Hang Seng index rose 0.59 percent.
In late morning trading, Britain's FTSE 100 was down 1.37 percent, Germany's DAX index was down 1.98 percent, and France's CAC-40 was down 2.09 percent.
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On the Net:
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Updated : 2021-10-26 05:27 GMT+08:00