Traders work on the floor of the New York stock Exchange. (Photo: Spencer Platt, Getty Images)
U.S. stock futures rose sharply along with Asia markets ahead of Thursday's opening bell as comments from the Federal Reserve underpinned investor sentiment, and as oil prices extended gains.
Dow Jones industrial average index stock futures advanced 162 points to 15, 405, Standard & Poor's 500 index stock futures rose 18.60 points to 1,667.20. Nasdaq 100 index stock futures added 31.75 points to 3,028.
Federal Reserve Chairman Ben Bernanke promised to continue to stimulate the U.S. economy. Bernanke said Wednesday the U.S. needs 'highly accommodative monetary policy' - or low interest rates - 'for the foreseeable future.'
In the prior session, stocks closed mixed. The Dow closed down 8 points at 15, 291.66. The broader S&P 500 closed up 0.30 point to 1,652.62. The Nasdaq rose 16.50 points to 3,520.76.
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Oil prices edged past $107 a barrel on hopes of stronger U.S. demand. Oil has jumped 13% the past two weeks to the highest levels since May 2012. The catalyst was political unrest in Egypt but the price spike has gained momentum with signs of increased demand for gasoline and oil in the U.S.
Crude rose 49 cents to $107.01 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $2.99 to $106.52 on Wednesday after a report indicated U.S. stockpiles fell by far more than expected last week, in a potential sign of growing demand.
Contributing: Associated Press
In Asia, Hong Kong's Hang Seng index jumped 2.48% to 21,422.62 and Seoul's Kospi index added 2.93% to 1,877.60. China's benchmark Shanghai composite index surged 3.32% to 2,074.72. Tokyo's Nikkei 225 index added 0.39% at 14,472.58.
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