NEW YORK(AP)
Stocks headed for a mixed open Thursday ahead of the
government's report on June employment that could offer
insights into how well the economy is likely to fare in the coming
months. The price of oil neared $146 for the first time, adding
pressure to the stock market.
An interest rate decision from the European Central Bank will
also cap a holiday-shortened week for Wall Street.
Investors' focus will likely be on the Labor
Department's employment report, expected to show the sixth
month of jobs losses and only a slight improvement in the
unemployment rate.
The data come on an abbreviated day for traders. The stock
market closes three hours early, at 1 p.m. EDT, on ahead of the
July 4th holiday on Friday.
Investors are nervous about the strength of the job market in
part because consumer spending accounts for more than two-thirds of
U.S. economic activity. Consumers who are out of work or are
nervous about losing their job are likely to trim their
spending.
And consumers and businesses alike are now grappling with
surging fuel prices _ another stress on an economy already strapped
by a weak housing market and a tight credit market.
That is making the price of oil an increasingly important factor
in stock trading. Light, sweet crude rose $1.90 to $145.47 per
barrel in premarket electronic trading on the New York Mercantile
Exchange but earlier rose as high as $145.85.
Dow Jones industrial average futures edged up 1, or 0.01
percent, to 11,212. Standard & Poor's 500 index futures
rose 1.10, or 0.09 percent, to 1,263.90, while Nasdaq 100 index
futures slipped 6.00, or 0.33 percent, to 1,819.00.
Bond prices edged higher. The yield on the benchmark 10-year
Treasury note, which moves opposite its price, fell to 3.95 percent
from 3.96 percent late Wednesday.
The dollar was mixed against other major currencies, while gold
prices rose.
Overseas, Japan's Nikkei stock average fell 0.16 percent. In
morning trading, Britain's FTSE 100 fell 0.40 percent,
Germany's DAX index declined 0.80 percent, and France's
CAC-40 fell 0.63 percent.
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