Futures head higher as Congress returns

Business

Ron Johnson’s job at J.C. Penney Co. ended after his attempt to overhaul the retailer wiped out a quarter of its sales and about half of its market value. The board members who hired him are staying.Today 3:00 am

GM shares crack 2-year high

Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.Today 3:00 am

Area’s jobs outlook better

State unemployment dipped in April – and metro Fort Wayne did its part.The region had fewer people without work and the jobless rate retreated to 7.6 percent from 8.Today 3:00 am

NEW YORK (AP) — Stock futures are heading higher before the government releases what is expected to be the latest positive news for the housing industry.

There is a chance that all economic data coming out Thursday will be overshadowed by budget negotiations as Congress returns to Washington.

Dow Jones industrial futures are up 21 points to 13,069. The broader S&P futures have added 3.5 points to 1,417. Nasdaq futures are up 6.75 points to 2,635.25.

Economists expect the Commerce Department to report that sales of new homes rose 3.2 percent in November compared with October. Steady job gains and low mortgage rates have boosted sales of both newly built and previously occupied homes this year.

And the Labor Department posts weekly unemployment benefits applications, which should indicate modest job growth.