US stock futures rise; Dow record in view

NEW YORK, Sep 28 (Reuters) US stock futures pointed to a higher opening on Thursday, helped by optimism that momentum will drive the Dow to a new record high, while U.S. gross domestic product data will be watched for signs of economic growth.

In corporate news, General Motors Corp. Chief Executive Rick Wagoner said he was open to an alliance with Renault-Nissan and made clear that talks could be extended beyond a mid-October deadline set by the carmakers. For details, see ID:nL28592444 GM shares edged higher in Europe.

The Dow Jones industrial average came within striking distance of a closing record on Wednesday as an unexpected rise in August new home sales renewed optimism about consumer spending and the outlook for corporate profits.

Breaking the Dow record ''would add a sense of confidence in the U.S. market,'' said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.

S&P 500 futures were up 0.70 point, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 2 points and Nasdaq 100 futures were up 0.75 point.

The Dow is 33 points from its record close set Jan. 14, 2000, of 11,722.98.

The Commerce Department will release the GDP figures at 8:30 a.m.

(1230 GMT), when weekly jobless claims are also due.

Economists on average expect the final reading of gross domestic product in the second quarter to be at a 2.9 percent annual pace of growth, the same as the preliminary figure last month.

''The (GDP) number that would be the most benign for the market would be around the economists' forecast of 2.9 percent. Any number that is far off of that could cause some concern,'' Bakhos said.

Shares of semiconductor maker Advanced Micro Devices Inc. could get a lift after Citigroup raised its price target on the company, theflyonthewall.com reported ID:nWNA9483.

In earnings news, retailer Family Dollar Stores Inc. posted higher quarterly profit. ID:nN28249611 Chevron Corp. said U.S. liquids and natural gas production for the first two months of the third quarter rose by 1.4 percent from the second quarter, citing progress in storm restoration work in the Gulf of Mexico. ID:nN27411307 Oil prices steadied at a seven-day high of just under a barrel after jumping NEW YORK, Sep 28 (Reuters) US stock futures pointed to a higher opening on Thursday, helped by optimism that momentum will drive the Dow to a new record high, while U.S. gross domestic product data will be watched for signs of economic growth.

In corporate news, General Motors Corp. Chief Executive Rick Wagoner said he was open to an alliance with Renault-Nissan and made clear that talks could be extended beyond a mid-October deadline set by the carmakers. For details, see ID:nL28592444 GM shares edged higher in Europe.

The Dow Jones industrial average came within striking distance of a closing record on Wednesday as an unexpected rise in August new home sales renewed optimism about consumer spending and the outlook for corporate profits.

Breaking the Dow record ''would add a sense of confidence in the U.S. market,'' said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.

S&P 500 futures were up 0.70 point, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures were up 2 points and Nasdaq 100 futures were up 0.75 point.

The Dow is 33 points from its record close set Jan. 14, 2000, of 11,722.98.

The Commerce Department will release the GDP figures at 8:30 a.m.

(1230 GMT), when weekly jobless claims are also due.

Economists on average expect the final reading of gross domestic product in the second quarter to be at a 2.9 percent annual pace of growth, the same as the preliminary figure last month.

''The (GDP) number that would be the most benign for the market would be around the economists' forecast of 2.9 percent. Any number that is far off of that could cause some concern,'' Bakhos said.

Shares of semiconductor maker Advanced Micro Devices Inc. could get a lift after Citigroup raised its price target on the company, theflyonthewall.com reported ID:nWNA9483.

In earnings news, retailer Family Dollar Stores Inc. posted higher quarterly profit. ID:nN28249611 Chevron Corp. said U.S. liquids and natural gas production for the first two months of the third quarter rose by 1.4 percent from the second quarter, citing progress in storm restoration work in the Gulf of Mexico. ID:nN27411307 Oil prices steadied at a seven-day high of just under $63 a barrel after jumping $2 the previous day. U.S. crude CLc1> was up 3 cents at $62.99.

REUTERS PKS PM1747 the previous day. U.S. crude CLc1> was up 3 cents at .99.

REUTERS PKS PM1747