* Jobless claims, pending home sales data on tap
* Goldman Sachs sees S&P 500 at 1,450 by end of 2011
* Futures up: Dow 46 pts, S&P 5.5 pts, Nasdaq 14.25 pts
* For up-to-the-minute market news see []
NEW YORK, Dec 2 (Reuters) - U.S. stock index futures rose
on Thursday on expectations the European Central Bank may act
to relieve market worries of a spreading euro zone debt
crisis.
The Dow and the S&P 500 scored their biggest gains in three
months Wednesday as optimism over efforts to resolve the EU's
debt crisis helped push the S&P above 1,200. The benchmark
faces strong resistance in the 1,225-1,230 area.
The European Central Bank faced pressure to take steps to
help contain the euro zone's debt problems, but could upset
financial markets if it fails to announce new anti-crisis
measures. For details see [].
Investors also awaited U.S. data on the labor and housing
markets, which may help to confirm recent signs of strength in
the economic recovery.
"The market is having a mild follow-through off the
optimism that the euro situation is being addressed
(properly)," said Andre Bakhos, director of market analytics at
Lek Securities in New York.
"This, coupled with high hopes that the economic pickup
will have a positive jobs component to it, will fuel added
market gains."
Several U.S. retailers reported higher-than-expected sales
for November, confirming a strong start to the holiday shopping
season that could help determine whether the economic recovery
has legs. The SPDR S&P Retail ETF <XRT.P> rose nearly 1 percent
in early trading. []
S&P 500 futures <SPc1> rose 5.5 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 46
points, and Nasdaq 100 futures <NDc1> added 14.25 points.
If the S&P 500 continues to hold at the 1,200 level, the
market uptrend will see strong resistance in the 1,225-1,230
area that coincides with a recent two-year high and the 61.8
percent Fibonacci retracement of the benchmark's slide from
October 2007 to March 2009, a key technical indicator. The S&P
closed at 1,206.07 on Wednesday.
Bakhos said the benchmark is in a strong position to break
a new two-year high since the S&P did not break down
technically after the latest Korean tensions and amid fears
over the European debt problems.
Goldman Sachs forecast the S&P 500 <.SPX> will close 2011
at 1,450, boosted by positive earnings amid a steadily rising
U.S. economy. It also upgraded the financials, energy and
consumer discretionary sectors.
U.S. President Barack Obama's top economic advisers will
resume negotiations with congressional leaders on Thursday,
hoping to break a deadlock over tax rates. []
The cost of insuring so-called peripheral euro zone debt
against default eased ahead of the ECB meeting, while the euro,
which has recently traded in the same direction as U.S.
equities, gained ground against the U.S. dollar.
[]
In company news, PepsiCo Inc <PEP.N> agreed to buy Russian
juice and dairy producer Wimm-Bill-Dann <WBD.N>. Wimm-Bill-Dann
shares jumped 28.4 percent to $31.50 in premarket trading.
[]
American International Group Inc <AIG.N> shares could get
attention after Reuters reported the insurer could receive at
least three separate bids for its Taiwan unit.
[].
Toll Brothers Inc <TOL.N> rose 3.5 percent to $19.10
premarket after the home builder posted a quarterly profit
versus a year-ago loss, helped by lower expenses and a tax
benefit. []
Economic data on tap includes weekly initial jobless
claims, due at 8:30 a.m. EST (1330 GMT), with forecasts at
425,000 from 407,000 last week. Pending home sales for October,
expected at 10 a.m. EST (1500 GMT), are seen down 0.5 percent
versus a decline of 1.8 percent in the prior month. []
(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)
