Futures Market News
Employment falls by less than expected, boosting stocks
Sep 03, 2010 09:33 AM
U.S. stock index futures rose on Friday, as the private sector added more jobs than analysts had predicted, causing total overall unemployment to fall less than many had expected.
Figures from the Department of Labor showed a 67,000-job increase in private payrolls during the month of August, in addition to a revised July figure of 107,000 added jobs. Analysts had expected a gain of just 40,000 positions in August, so the news was at least slightly comforting.
"The market is interpreting the jobs report as a positive," Hugh Johnson, the chairman of Albany, New York-based Johnson Illington, told Bloomberg News. "The focus is on private sector jobs, or the change in payrolls excluding the census workers. The private sector payrolls increased a bit better than expected - that's a positive surprise, for sure."
It was more than enough to give the bulls the edge at the opening bell, as Dow Jones Industrial Average index futures rose 97 points to 10,406, while S&P 500 futures gained 10.7 points to 1,100.3 at 9:14 a.m. EST.
Nasdaq 100 index futures rose 20.75 points to 1,858.
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