* Crude prices lower after Libyan peace plan put forth
* Jobless claims, ISM non-manufacturing data on tap
* Many retailers top expectations in monthly sales
* Futures up: Dow 80 pts, S&P 11.9 pts, Nasdaq 17 pts
* For up-to-the-minute market news see []
(Adds quote and earnings news)
By Ryan Vlastelica
NEW YORK, March 3 (Reuters) - U.S. stock index futures
rose on Thursday after the Arab League said a peace plan for
Libya was under consideration, sending oil prices lower.
Some have questioned the substance of the plan, put forth
by Venezuela's Hugo Chavez. Nonetheless, a resolution to unrest
in the region could remove a major headwind to equities. For
details, see []
Crude prices have spiked in recent weeks on concerns the
unrest in Libya could lead to supply disruptions. In recent
weeks equities have had an inverse correlation with oil prices
as market participants fretted that high energy costs will
weigh on economic activity.
April crude futures fell 1 percent but remained above the
key $100 per barrel level. Brent crude oil was down 1.2 percent
to $115.
"Anything that could potentially resolve the issue in Libya
is going to help take a little bit of pressure off and affect
the mind-set of energy traders," said Robert Pavlik, chief
market strategist at Florida-based Banyan Partners LLC. He
added that any plan that didn't remove Libyan leader Muammar
Gaddafi from office was unlikely to gain much support.
Investors awaited weekly jobless claims, which are seen
rising to 398,000 from 391,000 in the previous week. The data
is due at 8:30 a.m. EST (1330 GMT).
Wednesday's strong ADP employment report brought optimism
about the labor market and suggested Friday's payroll report
could be strong, though in recent months there has been little
correlation between the two.
"If claims stay below 400,000, that would be a good sign
that the economy is moving along and layoffs are slowing,"
Pavlik said.
Several top U.S. retailers posted bigger-than-expected
sales gains for February, with initial sales results appearing
to confirm recent consumer confidence data showing the U.S.
economy remains on solid footing despite the spike in gas
prices. []
S&P 500 futures <SPc1> rose 11.9 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> added 80
points and Nasdaq 100 futures <NDc1> jumped 17 points.
Close-out retailer Big Lots Inc <BIG.N> posted quarterly
earnings that beat expectations and forecast strong 2011
profits, while H.J. Heinz Co <HNZ.N> reported third-quarter
results and said it would buy an 80 percent stake in a
Brazilian food company. [] and []
American International Group Inc <AIG.N> sold $9.6 billion
worth of MetLife Inc <MET.N> shares on Wednesday, producing
gross proceeds of about $6.3 billion to accelerate its payback
of U.S. Treasury bailout funds
AIG shares rose 0.8 percent to $37.60 in premarket trading
while MetLife rose 1.4 percent to $44. []
Overseas, the euro zone's services economy enjoyed its
fastest upturn since August 2007 in February, though it was
marked by fast-rising inflationary pressures. []
The Institute for Supply Management's February
non-manufacturing index, to be released at 10 a.m. EST (1500
GMT), is seen rising to 59.5 from 59.4 in January.
U.S. stocks eked out gains on light volume on Wednesday
despite another rise in oil prices, as investors bet the latest
data signaled the economy could absorb expected higher energy
costs.
(Editing by Jeffrey Benkoe)
