Indications: U.S. stock futures edge up as record beckons

NEW YORK (MarketWatch) � U.S. stock futures tilted slightly higher Thursday, with the Dow Jones Industrial Average set to open the session 89 points from its all-time closing high set on Oct. 9, 2007.

Stock-index futures offered little reaction to economic reports that had the U.S. economy growing 0.1% in the final quarter of 2012 and weekly jobless claims falling by 22,000 to 344,000.

After a blockbuster session on Wednesday, driven by stimulus-supportive comments from Federal Reserve Chairman Ben Bernanke and Mario Draghi, head of the European Central Bank, futures on the Dow Jones Industrial Average DJH3 were lately off a point at 14,059.

S&P 500 index futures SPH3 rose nearly 1 point to 1,516.6, and those for the Nasdaq 100 index NDH3 rose 4.75 points to 2,745.25.

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Figures from the Commerce Department had the U.S. economy clearing a prior-estimated contraction.Read about the economy�s meager growth.

At the same time, the Labor Department reported a larger-than-expected drop in jobless claims last week.See more on drop in initial applications for benefits.

At 9:45 a.m. Eastern, the February reading for the Chicago purchasing-managers� index will be released.

Wall Street bull

A positive report on housing and a commitment by Bernanke to stimulus lifted Wall Street on Wednesday to its best day in nearly two months. The Dow Jones Industrial Average DJIA ended the day with a gain of 175.24 points, or 1.3%, at 14,075.37. Read: U.S. stocks surge in best day since Jan. 2.

The Dow was just 89 points from its record finish of 14,164.53 on Oct. 9, 2007. The Standard & Poor�s 500 index SPX closed up 1.3% to 1,515.99, less than 50 points from its highest close, reached that same day, of 1,565.15. The Tell: Record stock-market highs should aid the bruised retail psyche.

Analysts said the proximity to these highs could lure in even more investors, and that the market was also coming to realize that the consequences of sequestration were perhaps not as gloomy as originally thought. Automatic spending cuts kick in Friday, barring a last-minute deal by lawmakers. Read: The sequester starts Friday. Then what?

�With less than 24 hours before the sequester activates and a huge run-up yesterday, we think the market may trade sideways, notwithstanding a revised upward Q4 GDP that will show the economy grew by 0.7%. Nonetheless, we believe the indices will close the month holding their gains,� said Peter Cardillo, chief market economist at Rockwell Global Capital, in a note.

On the corporate front, shares of Groupon Inc. GRPN sank in premarket moves after the daily-deals website warned late on Wednesday that quarterly revenue will probably miss Wall Street�s estimates.Read more on Groupon.

Also making a sharp move in premarket trading, shares of retailer J.C. Penney Co. JCP , which reported a wider fourth-quarter loss and sales short of analysts� expectations, tumbled.

Shares of Sears Holdings Corp. SHLD rose after reporting a narrower fiscal-fourth quarter loss and stronger-than-expected adjusted earnings. Read: Sears Holdings Q4 loss narrowed; adjusted net up.

In overseas markets, Europe stocks rose for a second day after Draghi defended the ECB�s loose monetary-policy stance, and concerns over Italy eased. Read: Europe stocks gain on Bernanke comments.

The Japanese government formally nominated Haruhiko Kuroda, a monetary-policy dove, as the new central-bank governor. Read: Japan, China stocks jump; Indiaslides on budget.

In other markets, gold prices GCJ3 � remained under the psychologically important $1,600 an ounce level, while crude-oil futures CLJ3 � slipped as the dollar rose against the yen. Read: Yen weakens against dollar, as Aussie jumps.