Stocks set for solid bounce

NEW YORK (CNNMoney.com) -- U.S. stocks were poised to bounce at the open Thursday after the previous session closed with the blue-chip Dow index ending below 10,000.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP)futures were all about 2.3% higher, following the rebound in global stocks.

Stocks erased gains by the close of trade Wednesday, as worries about global growth and the euro's decline overshadowed upbeat economic news.

Economy: The government's revised reading on first-quarter gross domestic product (GDP) growth is due at 8:30 a.m. ET. GDP is expected to have grown at a 3.3% annualized rate versus the initially reported 3.2% rate.

Also at 8:30 a.m., the Department of Labor will release its weekly jobless claims, which are expected to have fallen to 455,000 last week, down from 471,000 the previous week.

At 10 a.m., the House Oversight Committee is slated to begin its hearing on the Tylenol recall with Johnson & Johnson (JNJ, Fortune 500).

BP (BP) executives will also appear at a hearing in continued testimony about the Gulf oil spill.

World markets: Stocks around the world rebounded. In morning trading in Europe, the CAC 40 in France jumped 0.9%. Britain's FTSE 100 added 1.1% and the DAX in Germany gained 1.2%

Asian shares finished the session higher. The Hang Seng in Hong Kong and Japan's Nikkei added 1.2%. The Shanghai Composite gained 1.2%.

Dollar and commodities: The euro rebounded against the dollar, up 0.7% against the U.S. currency Wednesday.

The greenback was down 0.8% against the British pound, but it was up 0.6%versus the Japanese yen.

U.S. light crude oil for July delivery gained $1.70 to $73.21 a barrel. COMEX gold's June contract rose 60 cents to $1,214 per ounce.

Bonds: Treasury prices were lower early Wednesday, pushing the benchmark 10-year note's yield up to 3.28%. Bond prices and yields move in opposite directions.


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