US STOCKS-Wall St eyes higher open after data, lower dollar

* Motorola, Exxon rise after quarterly results

* Initial claims fall unexpectedly, boosting futures

* Futures up: S&P 6.3 pts, Dow 50 pts, Nasdaq 9.75 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Recasts, adds details, quote)

By Leah Schnurr

NEW YORK, Oct 28 (BestGrowthStock) – Wall Street was set to open
higher on Thursday, boosted by a lower dollar and data showing
new jobless claims fell to their lowest level in three months.

Futures firmed significantly as new claims for
unemployment benefits unexpectedly fell last week. Investors
also took in the latest round of corporate earnings. Among
those reporting, shares of Motorola Inc (MOT.N: ) jumped more
than 5 percent, while Exxon Mobil Corp (XOM.N: ) gained nearly 1
percent. For details, see [ID:nN28118907] and [ID:nN27280364]

“A couple of months ago we started seeing improvement in
numerous gauges of employment, and we’re slowly getting that
confirmation from data that’s been coming out,” said Steve
Goldman, market strategist at Weeden & Co in Greenwich,
Connecticut.

The greenback eased as a short-covering rally ran out of
steam. Equities and the dollar have developed an inverse
relationship, exacerbated by expectations the U.S. Federal
Reserve will announce another round of quantitative easing next
week. [ID:nLDE69R17T]

S&P 500 futures (SPc1: ) rose 6.3 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: ) gained 50
points, and Nasdaq 100 futures (NDc1: ) were up 9.75 points.

Stocks fell Wednesday as investors dialed back expectations
of how aggressively the Fed would act to stimulate the
economy.

Anticipation of a Fed move has been a driver of market
action of late as investors speculated over the size and time
frame of further stimulus. Analysts said even with the day’s
earnings reports and data, the potential Fed move remained in
the forefront.

Most leading economists expected the Fed to buy between $80
billion and $100 billion worth of assets per month under a new
program to bolster the struggling economy, a Reuters poll
found. [ID:nNLLRLE6LL]

Motorola gained 5.4 percent to $8.53 after reporting its
mobile devices business posted a profit. Dow component Exxon
added 0.9 percent to $66.25 as its earnings beat expectations.
[ID:nN28234253] and [ID:nN28202765]

On the downside, 3M Co (MMM.N: ) fell 2.6 percent to $88
after it shaved 6 cents off its full-year profit forecast.
[ID:nN25282000]
(Additional reporting by Caroline Valetkevitch; editing by
Jeffrey Benkoe)

US STOCKS-Wall St eyes higher open after data, lower dollar