US futures move higher; record in sight for Dow

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Associated Press

Posted on February 28, 2013 at 6:00 AM

Updated Thursday, Feb 28 at 7:00 AM

NEW YORK (AP) — U.S. stock futures are moving higher with new data expected to illustrate buoyant spending by consumers and businesses.

A report from the Commerce Department on Thursday should reverse earlier estimates that suggested the economy shrank in the fourth quarter.

Dow Jones industrial futures are up 16 points to 14,076. S&P futures have added 2.7 points to 1,518.50. Nasdaq futures are up 5.25 points to 2,745.75.

The Dow is within striking distance of its all-time high, reached in October 2007, after two days of gains more than erased a 216-point stumble Monday.

Retailers will roll out more earnings after a disastrous year for J. C. Penney concluded with a $985 million loss for 2012. Company shares are down 16 percent.

Sears reported a smaller loss Thursday. Its shares rose 3 percent in premarket trading.

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