MW: Stock futures edge higher as House backs bailout
Costco same-store sales rise; Sprint Nextel debt cut to junk status
LONDON (MarketWatch) -- U.S. stock market futures pointed slightly higher Thursday after the auto industry bailout passed a vote in the House of Representatives, but faced stiff opposition in the Senate.
S&P 500 futures rose 2.60 points at 898.40 and Nasdaq 100 futures added 5.75 points at 1,222.75.
Dow industrial futures were up 25 points.
Stocks closed higher on Wall Street Wednesday, boosted by progress on the bailout for the auto industry, though opposition to the plan from several Senate Republicans shaved earlier gains. The Dow Jones Industrial Average ended the session up 70 points, while the S&P 500 gained 10 points and the Nasdaq Composite Index climbed 18 points.
The U.S. House of Representatives later Wednesday approved the $14 billion federal loan package in a 231-170 vote, but at least one Senate Republican, Richard Shelby of Alabama, has threatened a filibuster to block the legislation. See full story.
On the economic front, the latest figures on initial unemployment claims are expected to show a further rise from the previous level of 509,000.
The dollar fell sharply against its main rivals, losing 0.9% against the yen at 92.04 yen, while the euro rose 1.2% at $1.3163.
Oil stepped higher as the dollar declined, with light crude for January delivery gaining $1.36 at $44.88 a barrel in electronic trading.
Costco Wholesale Corp. reported on Thursday that fiscal first-quarter net income was about flat, reflecting bargain-hunting shoppers looking for deals in a downbeat economy. Same store sales edged up 1% and total sales rose 3.6%. See full story.
Shares in Sprint Nextel Corp. are likely to be in focus after Moody's Investors Service cut the company's unsecured debt to junk status. The downgrade comes as Sprint's market position has weakened significantly and as it continues to turn around its wireless operations amid intense competition and sluggish economic conditions, the agency said.
The $41 billion leveraged buyout of Montreal telecoms giant BCE Inc. ended after auditors KPMG concluded the company that emerged from the deal wouldn't be solvent.
On the international front, Japan's Nikkei 225 rose 0.7% and the French CAC 40 index added 0.1%.
