Futures move higher on buoyant mood in US

May 30, 2013
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People walk by an electronic stock board of a securities firm in Tokyo, Thursday, May 30, 2013. Japan's Nikkei 225 index closed down 737.43 points, or 5.15 percent, at 13,589.03 on Thursday as concerns that the Federal Reserve might start scaling back its stimulus program due to improvement in the U.S. economy sent Asian stock markets lower. (AP Photo/Koji Sasahara)

NEW YORK (AP) — Stock futures are rising ahead of a pair of government reports expected to buttress enthusiasm over a sustained recovery in the U.S.

Dow Jones industrial futures are up 38 points to 15,328. The broader S&P futures gained 5 points to 1,652. Nasdaq futures are up 6.5 points to 3,002.

Investors, initially spooked early Thursday by another plunge on Japan's Nikkei stock market, refocused their attention closer to home, with strong earnings from Costco and more good news expected on the housing and overall economic front.

Economists say the Commerce Department will report that the economy took off between January and March, thanks to a resilient American consumer.

And most expect unemployment benefits applications remain near their lowest levels since 2008.

The Labor Department releases that report at 8:30 a.m. Eastern.