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BLBG: U.S. Stock Futures Drop on Jobless Claims, Wider Trade Gap
 
By Whitney Kisling

Dec. 11 (Bloomberg) -- U.S. stock-index futures declined after first-time jobless claims jumped more than forecast to a 26-year high and the nation’s trade deficit unexpectedly widened following a third consecutive decrease in exports.

Caterpillar Inc., Microsoft Corp. and Walt Disney Co. led declines in Dow Jones Industrial Average stocks trading in Europe after the government said 573,000 people applied for first-time unemployment benefits last week and the trade gap widened 1.1 percent in October.

Futures on the Standard & Poor’s 500 Index expiring this month retreated 1 percent to 887.2 at 8:43 a.m. in New York. Dow Jones Industrial Average futures lost 86 points, or 1 percent, to 8,629. Nasdaq-100 Index futures decreased 0.9 percent to 1,205.25.

The S&P 500 this week marked a technical end to a 14-month bear market, extending its rebound from an 11-year low last month to 21 percent, as President-elect Barack Obama stepped up efforts to pull the economy out of a recession.

Europe’s Dow Jones Stoxx 600 Index fell 1.2 percent today as concern that the economic slowdown from China to America is deepening weighed on automakers, overshadowing a rally in oil producers. The MSCI Asia Pacific Index rose for a fifth day, the longest winning streak in seven months, as South Korea cut interest rates to a record low.

The VIX, which measures the cost of using options as insurance against declines in the S&P 500, has dropped 31 percent since Nov. 20, when it rose to 80.86, the highest in its 18-year history.

The S&P 500 is still down 43 percent from its 2007 record as the collapse of the subprime mortgage market curbed earnings for five straight quarters.

The S&P 500’s companies reported an average 18 percent decline in profits in the third quarter, prompting analysts to cut estimates for next year. They now project profit growth of 8.2 percent for S&P 500 companies in 2009, about one-third of their forecast of 23 percent at the end of the third quarter, according to data compiled by Bloomberg.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net.

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