Wall Street to open higher on ECB cut

New York - US stocks were set to open higher on Thursday, after the European Central Bank cut interest rates to record lows and a flurry of economic data indicated the US economy was steadily improving.

The US bourse is set to open higher as European leaders get ready to meet. Credit: REUTERS

ECB President Mario Draghi also said the central bank would begin to purchase asset-backed securities.

Initial jobless claims rose to 302,000 last week, slightly above the 300,000 forecast but within levels consistent with a strengthening labor market.

However, labor costs were far weaker than previously thought in the second quarter, which could provide the Federal Reserve an incentive to maintain its accommodative monetary policy stance for a while.

Dow Jones industrial average e-mini futures rose 37 points and Nasdaq 100 e-mini futures added 12.25 points.