After moving modestly higher over the course of the two previous sessions, stocks could see some further upside in early trading on Thursday. The major index futures are currently pointing to a higher open, with the Dow futures up by 17 points.
The upward momentum for the markets is partly due to reports indicating that Greek political leaders have reached an agreement on austerity measures, with a statement expected to be released shortly.
An agreement on austerity measures would enable the Greek government to receive a new bailout, easing some of the concerns about the nation's ongoing going debt crisis.
Buying interest may also be generated by the release of a report from the Labor Department showing a notable drop in initial jobless claims in the week ended February 4th.
The report showed that initial jobless claims fell to 358,000 from the previous week's revised figure of 373,000. Economists had been expecting jobless claims to edge up to 370,000 from the 367,000 originally reported for the previous week.
Peter Boockvar, equity strategist at Miller Tabak, said, "As seen with Friday's payroll figure, the labor market continues to improve but we all watch for its sustainability in light of growing overseas challenges."
Traders are also digesting monetary policy announcements out of Europe, with the European Central Bank and the Bank of England both keeping interest rates unchanged. However, the Bank of England said it has decided to pump an additional 50 billion pounds into the British economy.
In corporate news, networking giant Cisco Systems (CSCO) reported second quarter adjusted earnings of $0.47 per share, exceeding the $0.43 per share consensus estimate. The company's revenues were also ahead of estimates.
Credit card giant Visa (V) also reported better than expected first quarter results and raised its 2012 revenue growth guidance.
Stocks showed a lack of direction over the course of the trading day on Wednesday, as traders waited for additional news out of Greece. The choppy trading extended the trend seen over the past few sessions.
The major averages bounced back and forth across the unchanged line, eventually closing modestly higher. The Dow inched up 5.75 points or less than 0.1 percent to 12,883.95, the Nasdaq rose 11.78 points or 0.4 percent to 2,915.86 and the S&P 500 climbed 2.91 points or 0.2 percent to 1,349.96.
In overseas trading, stock markets across the Asia-Pacific region turned in a lackluster performance, ending the day mixed. While Japan's Nikkei 225 Index slipped by 0.2 percent, China's Shanghai Composite Index edged up by 0.1 percent.
Meanwhile, the major European markets have all moved to the upside on the day. The U.K.'s FTSE 100 Index is rising by 0.5 percent, while the French CAC 40 Index and the German DAX Index are both advancing by 0.9 percent.
In commodities trading, crude oil futures are climbing $0.78 to $99.49 a barrel after moving up $0.30 to $98.71 a barrel on Wednesday. Gold futures are rising $4.40 to $1,735.70 an ounce. In the previous session, gold fell $17.10 to $1,731.30 an ounce.
Among currencies, the U.S. dollar is trading at 77.32 yen compared to the 77.04 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3273 compared to yesterday's $1.3261.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.