US stock index futures pointed to a strong open today as investors grow more comfortable with the government's plans for the nation's banking system. Some of the gains were tempered, however, following a pair of economic reports.
New jobless claims rose by 36,000 to 667,000, the highest since 1982, last week. Continuing claims jumped to a record high of 5.11 million. The underlying message is that the labor market continues to be weak and that new jobs are difficult to find.
Durable goods orders dropped 5.2% in January, more than double what was expected, and the previous month was revised lower. The report indicates businesses are holding off on orders. Still to come are January new home sales, due at 10:00 ET. Separately, General Motors posted a massive fourth quarter loss, but failed to even match already low expectations.
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