* Jobless claims, GDP data on tap
* Bernanke to testify on Merrill Lynch-BofA deal
* Futures: S&P down 0.30 pts, Dow up 4, Nasdaq up 3.25
* For up-to-the-minute market news click []
(Adds details, byline)
By Leah Schnurr
NEW YORK, June 25 (Reuters) - Stock index futures pointed
to a flat open on Thursday ahead of key data on jobless claims
and economic growth.
After a three-month rally, investors have been trying to
assess the strength and timing of an economic recovery amid
optimism the situation is stabilizing. The S&P 500 is up about
33 percent from March's 12-year low, though it had gained as
much as 40 percent.
Data on tap for the day includes the final reading of
first-quarter gross domestic product and weekly jobless claims,
both due at 8:30 a.m. EDT (1230 GMT).
Last week, the government reported the first drop in
continuing claims of jobless benefits since January and the
biggest decline since November 2001. Investors will be looking
for a continuation of this trend to provide further signs the
recession is abating.
GDP is forecast to be the same as the last reading, which
showed a contraction of 5.7 percent, according to a Reuters
survey.
"The market will be on hold until we navigate through some
of the economic data that will be forthcoming this morning,"
said Peter Cardillo, chief market economist at Avalon Partners
in New York.
Investors will also watch testimony from Federal Reserve
Chairman Ben Bernanke on the acquisition of Merrill Lynch by
Bank of America Corp <BAC.N> in the tumultuous days following
the Lehman Brothers <LEHMQ.PK> collapse.
S&P 500 futures <SPc1> fell 0.30 of a point 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> added 4
points, but Nasdaq 100 <NDc1> futures eased 3.25 points.
On Wednesday, the top Republican on the U.S. House of
Representatives Oversight and Government Reform Committee,
Darrell Issa, said the Fed had sought to hide its involvement
in the deal and accused the central bank of a "cover-up." (For
details, see [])
Bernanke and others have been criticized over the handling
of the acquisition, though he is generally acknowledged as
being the best person at the helm during the financial crisis.
The Fed chairman's term expires at the end of January, when
President Barack Obama will decide whether to reappoint him.
After the bell on Wednesday, Jefferies Group Inc <JEF.N>,
an investment bank focused on mid-sized companies, projected
second-quarter profit and revenue would be higher than analyst
expectations. Its shares added 7.6 percent at $22 before the
bell.
Investors will continue to assess Wednesday's statement
from the Fed after its two-day policy meeting. The central bank
repeated concerns about the economic outlook and did not
suggest it sees a notable recovery any time soon.
The Fed noted that the pace of the contraction was slowing,
but the economy was likely to remain weak for some time.
The statement took the Dow lower for the fourth day and the
other indexes ended well off session highs.
Nike Inc <NKE.N> was down 4.1 percent at $50.87 premarket
after the world's largest athletic shoe and clothing company
reported a worse-than-expected global decline in forward
orders. []
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)
