US stock futures advance pointing to S&P 500 record high

U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will extend its all-time high, as investors weighed yesterday’s decision to prolong Federal Reserve stimulus and awaited data on home sales and jobless-benefit claims.

S&P 500 futures expiring in December advanced 0.4 percent to 1,724.5 at 10:21 a.m. in London. The benchmark index climbed to a record of 1,725.52 yesterday as the Fed unexpectedly refrained from reducing bond buying. Treasury yields have jumped since May, when Fed Chairman Ben S. Bernanke first outlined a possible timetable for a reduction in the asset purchases. Contracts on the Dow Jones Industrial Average advanced 50 points, or 0.3 percent, to 15,644 today.

A bunch of reports are due at 10 a.m. EDT. Existing home sales for August could show a pullback to a 5.2-million rate from a nearly four-year high of 5.39 million in July. The Philly Fed index is expected to edge up to a reading of 11 in September from 9.3 in August. And the leading economic index is expected to climb 0.6% in August, matching July’s rise.

The Fed non-move is win-win for stocks, said Garry Evans, global head of equity strategy for HSBC, in a note for The Wall Street Journal. If the “Fed tightens because growth is accelerating, that is a positive environment for equities; but if growth slows, the Fed will remain accommodative, which is positive for equities,” he said.

In corporate news, BlackBerry shares may continue to come under close scrutiny after reports the company may lay off 40% of its staff.

Also in focus, shares of McDonald’s Corp. may be active after the fast-food chain on Wednesday lifted its quarterly dividend 5% to 81 cents a share.

Oracle declined 2.6% to $32.99 in Germany. The largest maker of corporate-database software predicted yesterday that profit, excluding some items, for the fiscal second quarter will be 64 cents to 69 cents a share. Oracle would have to reach the top of that range to match analysts’ 69-cent average estimate, according to data compiled by Bloomberg.