Retail sales reports, jobless claims figure to help determine if indicator stays above milestone.
June 5, 2003: 5:29 AM EDT
By Mark M. Meinero, CNN/Money Staff Writer
NEW YORK (CNN/Money) - The Dow Jones industrial average enters Thursday's stock trading above 9,000 for the first time since last August, and whether it stays there or advances could depend in part on what the nation's leading retailers made of all those rainy May weekends in the eastern U.S.
At 5:30 a.m. ET, futures point to a lower start for the major indexes.
The nation's retailers post their May sales throughout the morning, and there may be some impact from the wet weather that sent people flocking to malls and discounters when their outdoor plans were washed out.
The nation's No. 1 retailer, Dow component Wal-Mart Stores (WMT: Research, Estimates), posts its sales on the eve of its shareholders' meeting Friday. Company officials are usually upbeat at their presentations, but they face questions about sales that have been sagging in recent months.
Among U.S. stocks trading in Europe, Wal-Mart shares were lower in early trading.
Two economic reports are due Thursday. The government's weekly evaluation of initial jobless claims is expected to show a decline to 421,000 in the week ended May 31 from 424,000 the prior week, according to a consensus of economists surveyed by Briefing.com. The report is slated before the start of trading.
After the opening bell, the government will issue its April report on factory orders, which are seen having declined 1.8 percent after a 2.2 percent rise in March.
The Dow finished above 9,000 for the first time since Aug. 22 after a 1.3 percent rise Wednesday on a strong report about the services sector. The Nasdaq composite index is at its highest point in more than a year following a 1.9 percent advance.
Asian-Pacific stocks rallied on hopes of a U.S. recovery, with Tokyo's Nikkei index up 1.2 percent. European markets were slightly lower ahead of a European Central Bank decision on interest rates; a cut is widely expected.
Treasury prices fell in early trading, sending the 10-year note yield up to 3.31 percent from 3.29 percent late Wednesday. The dollar retreated against the yen and euro.
Brent oil futures pulled back 41 cents to $26.40 a barrel in London, where gold was lower in earlier trading.
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