Bloomberg News

U.S. Stock Futures Extend Drop as Jobs Claims Disappoint

March 29, 2012

U.S. stock-index futures extended losses after jobless claims topped economists’ forecasts, damping optimism about the economy.

S&P 500 futures expiring in June slipped 0.4 percent to 1,394 at 8:33 a.m. New York time.

Initial jobless claims were 359,000 last week, the Labor Department reported today in Washington. The median forecast of economists in a Bloomberg News survey called for 350,000 claims. With the report, the government data also contain revisions dating back to 2007.

The S&P 500 has risen 12 percent this year through yesterday amid better-than-estimated economic and corporate data. The benchmark gauge is poised for the best first-quarter since 1998 as measures of financial and technology shares surged at least 21 percent.

U.S. equities fell in the previous two sessions, sending the S&P 500 down 0.8 percent from an almost four-year high reached on March 26, amid concern the rally in stocks has outpaced prospects for global economic growth.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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