By msnbc.com news services
U.S. stocks are set to rise Thursday as investors look ahead to economic data that could reinforce recent signs of improved growth after Wall Street finished February with healthy gains.
The data comes a day after comments from U.S. Federal Reserve Chairman Ben Bernanke that disappointed those hoping for signals of more monetary stimulus.
Bernanke offered a tempered view of the economy, pouring cold water on the notion that recent upbeat signs heralded a stronger recovery. He told U.S. House of Representatives Financial Services Committee that unless growth accelerated, unacceptably high unemployment would not keep dropping.
Bernanke will deliver his semi-annual testimony on monetary policy later Thursday before the U.S. Senate Banking Committee.
Weekly initial jobless claims are seen holding steady near four-year lows at 351,000.
And the Institute for Supply Management's February manufacturing index, due at 10 a.m. ET, is seen rising to 54.5 from 54.1 in the previous month.
Equities are coming off a strong February, with the Dow rising 2.5 percent, the S&P advancing 4.1 percent and the Nasdaq adding 5.4 percent. However, since those gains largely came on light trading volume, many traders have forecast a near-term pullback.
Car companies may be in focus, with February vehicle sales seen rising slightly. Ford Motor Co is expected to have recorded some of the biggest monthly gains.
European shares advanced 0.7 percent, with investors turning more upbeat on the impact from the European Central Bank's pumping 530 billion euros of cash into the banking system. U.S.-listed shares of Barclays Plc rose 3.1 percent to $16.06 in premarket trading.
U.S. stocks slipped on Wednesday, snapping a four-day winning streak after Bernanke's comments disappointed investors hoping for a strong signal of more stimulus.
Reuters contributed to this report.
