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NEW YORK (CNNMoney)
The Labor Department will release its weekly report on initial jobless claims at 8:30 a.m. ET, while the Commerce Department will publish its second estimate of fourth-quarter GDP.
In its initial estimate last month, the Commerce Department said the economy contracted at an annual rate of 0.1% in the fourth quarter, the first contraction since the second quarter of 2009.
On the corporate front, the department store chain Sears Holdings (SHLD, Fortune 500) reported earnings, showing that sales at stores open a year or more notched up 0.8% in the fourth quarter but fell 1.4% for the year. The company said that it has closed 300 Sears and Kmart stores, or 13% of its total, since 2006.
Barnes & Noble (BKS, Fortune 500), the book retailer, is also set to report quarterly results in the morning, while Gap (GPS, Fortune 500) is up after the bell.
U.S. stock futures were steady.
Fear & Greed Index: Greed is good
U.S. stocks rose Wednesday to a five-year high as investors welcomed more upbeat housing data and a second day of dovish testimony from Federal Reserve chairman Ben Bernanke. The Dow rose 1.2% to finish at its highest level since October 2007.
J.C. Penney (JCP, Fortune 500) shares plunged in premarket trading as the retailer reported a dismal fourth-quarter loss and weak same-store sales.
Groupon (GRPN) shares plunged 26% in premarket trading after the daily deals site's results missed already low expectations.
Shares of Sturm, Ruger (RGR) rose in after-hours trading as the gun maker reported earnings that beat expectations. The company benefited from a surge in firearm sales on fears of new gun-control laws following the re-election of President Obama and the shooting in Newtown, Conn.
European markets rose in midday trading, drawing support from comments from European Central Bank President Mario Draghi that suggested the bank had room to relax policy further. Meanwhile, the European Union is planning to cap bankers' bonuses to rein in reckless risk taking.
Asian markets had a banner day. After the nomination of Haruhiko Kuroda to be Japan's next central banker, the Nikkei posted a 2.7% increase to its highest point since 2008. The Shanghai Composite rose 2.3% and the Hang Seng added 2%.
First Published: February 28, 2013: 4:41 AM ET
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