* Apple climbs 4 percent after earnings
* GE posts 80 percent rise in profits, raises dividend
* Futures up: Dow 64 pts, S&P 8 pts, Nasdaq 25.25 pts
* For up-to-the-minute market news see []
(Adds quote, updates prices)
By Chuck Mikolajczak
NEW YORK, April 21 (Reuters) - U.S. stock index futures
rose on Thursday, putting the S&P 500 on track for its first
weekly gain in the last three, as strong corporate earnings and
outlooks generated optimism about the economic recovery.
Apple Inc <AAPL.O> climbed 4.7 percent to $358.61 after its
results beat Wall Street's expectations as iPhone and Mac
computer sales scaled new heights while iPad supplies could not
keep up with global demand. For details, see []
General Electric Co <GE.N> advanced 3.1 percent to $21.03
after the largest U.S. conglomerate reported an 80 percent
surge in first-quarter profit and raised its quarterly
dividend. []
Morgan Stanley, the second-largest U.S. investment bank,
rose 2.7 percent to $26.75 after reporting its first-quarter
results. []
"It is all about earnings -- and not only are earnings
strong, but the guidance is strong," said Paul Mendelsohn,
chief investment strategist at Windham Financial Services in
Charlotte, Vermont.
"We are going to see unemployment claims this morning, some
economic data this morning, but for the time being, earnings
take central stage and at least in the early morning opening
are going to dominate."
Economic data due on Thursday includes weekly jobless
claims at 8:30 a.m. [], while leading indicators for
March, February home prices and the Philadelphia Fed's index of
business conditions for the mid-Atlantic region for April are
expected at 10 a.m. [].
S&P 500 futures <SPc1> added 8 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 64
points and Nasdaq 100 futures <NDc1> rose 25.25 points.
Qualcomm Inc <QCOM.O> posted better-than-expected quarterly
results and raised its full-year financial targets on improving
demand for advanced phones. Shares of the wireless chip maker
gained 4.6 percent to $57.81 []
DuPont <DD.N> gained 2.9 percent to $57 after quarterly
profit rose 27 percent due to strong sales of electronic and
solar materials, leading the chemical company to boost its
earnings forecast. []
Fellow Dow component Travelers Cos Inc <TRV.N> reported a
30 percent rise in quarterly profit as the largest publicly
traded U.S. property insurer saw an increase in investment
income. []
Hamburger chain McDonald's <MCD.N> will also report
earnings, with the market's focus likely to be on its power to
raise prices as food and fuel costs climb. Analysts expect a 2
percent rise in March sales at established U.S. restaurants.
[]
Volume is expected to remain light on Thursday ahead of the
extended holiday weekend. U.S. markets are closed on Friday in
observance of Good Friday.
European shares advanced for a third straight session to
hit a one-week high, with a raft of forecast-beating company
results improving market sentiment and boosting chemical and
technology stocks. []
Asian stocks jumped as investors scrambled for
higher-yielding assets, particularly in emerging markets.
[]
Big earnings surprises gave a positive turn to investor
sentiment on Wednesday, propelling U.S. stocks to their best
day in a month and lifting the Dow industrials to their highest
in almost three years.
(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)
