U.S. stock-index futures rose, indicating that the Standard & Poor’s 500 Index may climb for a second day, as the oil price fell and investors awaited a report that may show service industries maintained a pickup in growth. General Electric Co., the world’s biggest maker of power- generation equipment, advanced in Europe as oil dropped for the first time in three days in New York. Pfizer Inc. (PFE), the world’s biggest drugmaker by sales, also increased in European trading. March contracts on the S&P 500 climbed 0.7 percent to 1,315.3 at 10:43 a.m. in London. U.S. stocks rose yesterday as signs that the job market is strengthening bolstered optimism the economy can withstand a surge in oil prices. Dow Jones Industrial Average futures gained 0.6 percent to 12,120 and Nasdaq-100 Index futures also increased 0.6 percent to 2,337.5. “We expect data will show that economic recovery is present,” said Virginie Robert, Paris-based managing director at Raymond James Asset Management International, which oversees about $33 billion worldwide. “The market is focusing on signs from the economy. The engine has been started, but things will be easier for some companies than for others. It will be a year of stock picking.” The benchmark measure for U.S. stocks has climbed 93 percent from a 12-year low in March 2009 as government stimulus measures, improving profits and increased takeovers have bolstered confidence in equities. Seventy percent of the 466 companies in the S&P 500 that have reported results since Jan. 10 posted per-share profit that beat analyst estimates, according to data compiled by Bloomberg. Economic Data The Institute for Supply Management’s non-manufacturing gauge will show that the economic recovery has broadened beyond manufacturing, according to a Bloomberg News survey. Economists forecast that the measure was little changed at 59.3 in February after a 59.4 reading in January that was the highest since 2005. The ISM will publish its report at 10 a.m. New York time. A second report may show fewer than 400,000 workers filed claims for jobless benefits for the third time in four weeks. The Labor Department report at 8:30 a.m. may show 395,000 workers filed applications for unemployment insurance payments last week compared with 391,000 the previous week, according to the median forecast in a Bloomberg survey. Claims reached a 2 1/2 year low of 384,000 in the week ended Feb. 5. The European Central Bank will announce its latest interest-rate decision at 1:45 p.m. in Frankfurt today. ECB President Jean-Claude Trichet will hold a press conference 45 minutes later. The central bank is the first of the world’s five biggest central banks to announce a policy decision since crude oil surged over $100 a barrel last week. GE, Pfizer Gain GE gained 0.7 percent to $20.47 in German trading. Oil dropped in electronic trading on the New York Mercantile Exchange as opponents of Libyan ruler Muammar Qaddafi held the key oil port of Brega on the Gulf of Sidra coast against attacks from Qaddafi’s forces. Pfizer rose 0.3 percent to $19.25 in German trading. General Dynamics Corp. may be active. The maker of Abrams battle tanks and Gulfstream business jets boosted its dividend to 47 cents a share, higher than the average estimate of analysts surveyed by Bloomberg for a dividend of 46 cents. Chiquita Brands International Inc. (CQB) may be active after the seller of bananas and other produce reported a fourth-quarter loss that was wider than analysts’ average predictions and sales that fell short of estimates, according to data compiled by Bloomberg. The stock didn’t trade in Europe. To contact the reporter on this story: Julie Cruz in Frankfurt at jcruz6@bloomberg.net To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net.

Source