Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Stock Futures Rally on Employment Data

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/01/2013 | 03:12pm CEST
   By Matt Jarzemsky and Tomi Kilgore 

NEW YORK--U.S. stock futures traded higher, following blue-chip stocks' biggest monthly rally in over a year, as a closely-watched employment report showed recent months' job growth was sharply higher than initially reported.

Less than an hour ahead of the open, Dow Jones Industrial Average futures advanced 101 points, or 0.7%, to 13898. The Dow pulled back on Thursday, but still posted its biggest monthly gain since October 2011 and its steepest January rally since 1994.

Standard & Poor's 500-stock index futures added nine points, or 0.6%, to 1503 and Nasdaq 100 futures climbed 19 points, or 0.7%, to 2745. Changes in stock futures don't always accurately predict stock moves after the opening bell.

U.S. employers added 157,000 jobs in January, the Labor Department reported, falling short of the 166,000 new payrolls predicted by economists in a Dow Jones Newswires poll.

But the department said the economy added an average of 181,000 jobs a month all of last year, better than the 153,000 pace originally reported, as it revised initial readings for November and December sharply higher.

Last month's unemployment rate ticked up to 7.9% from 7.8% in December. Economists had predicted it would remain unchanged.

Average hourly earnings rose 0.2%, in-line with economists' views.

A preliminary reading of the Thomson-Reuters/University of Michigan consumer sentiment index for January, due out at 9:55 a.m. EST, is seen ticking up to 71.5 from December's 71.3. At 10 a.m. EST, the Institute for Supply Management's January manufacturing purchasing managers index is expected to rise to 51 from 50.2 in December, and construction spending for December is forecast to rise 0.6% on the month.

Among stocks seeing premarket activity, Dow component Merck slipped 2.7% after the drug maker reported fourth-quarter earnings and revenue that fell from year-earlier levels, although they topped analyst estimates, as generic competition continued to hurt pharmaceutical sales.

Also in the Dow, oil giants Exxon Mobil edged up 0.6% after reporting a 5.9% increase in fourth-quarter earnings, while Chevron was unchanged after its quarterly results.

European markets were mostly higher, with the Stoxx Europe 600 up 0.4%, after Markit's euro zone purchasing managers' index, a measure of manufacturing activity, contracted at the slowest rate in 11 months. That helped lift the euro currency to a 14-month high against the dollar.

Spanish stocks bucked the trend by selling off sharply after a ban on short selling was lifted. The IBEX 35 index dropped 1.7%.

Asian markets were broadly higher on the back of strong Chinese manufacturing data and further weakness in the yen. China's Shanghai Composite climbed 1.4% to a nine-month best after HSBC's January purchasing managers index rose to a two-year high. In Japan, the Nikkei Stock Average gained 0.5% to a near three-year high, as the yen slid to the lowest level seen against the dollar since June 2010, after data showing the December unemployment rate rose slightly above expectations to 4.2%.

Front month March crude oil futures gave up 0.2% to $97.32 a barrel, while February gold futures gained 0.7% to $1,673.20 an ounce.

In other corporate news, Mattel fell 2.3% after the toy maker missed fourth-quarter earnings expectations, and revenue also came in a bit shy, overshadowing a 16% increase in its quarterly dividend.

Tyson Foods rallied 3.7% after the meat processor beat earnings estimates, offsetting a slight miss in revenue, as operating margin increased and interest costs slipped.

Life Time Fitness slid 15% after the company indicated fourth-quarter earnings and revenue would fall short of expectations, citing lower membership growth and higher membership acquisition costs.

McKesson fell 3% after the medical-products distributor missed fiscal third-quarter earnings forecasts and trimmed its full-year outlook.

Alkermes shed 6.3% after Ireland-based Elan said it sold all of its remaining 7.75 million shares stake in the biopharmaceutical company. Elan's U.S.-listed shares were still untraded ahead of the open.

Audience surged 30% after the smartphone audio processing technology company reported better-than-expected fourth-quarter earnings, and said it expects to report a profit for the current quarter while analysts had been projecting a loss.

Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
07:49a SCA SECURITIES AND COMMODITIES AUTHORITY : Dr. Zaabi meets with the Ed Knight, Executive Vice President and Nasdaq’s General Counsel & Chief Regulatory Officer, to discuss cooperation
07:39a MTI WIRELESS EDGE : April 29, 2016 - Total Voting Rights
07:23a THE NINTH : restaurant review
07:20a HEROIN AND EASTERN NC : No longer visible, a dealer could be anyone around
07:19a QATAR NATIONAL BANK SAQ : Challenges and opportunities for the Middle East in 2016 Read More...
07:14a EZDAN : achieved QR586mn net profit in Q1 2016
07:08a VERIZON COMMUNICATIONS : Boston Public Library will lend out hotspots
07:07a SOLARCITY : Renewable energy backers power up lobbying in Mass.
06:52a MIDEAST CHALLENGES PRESENT OPPORTUNITIES FOR GROWTH : Qnb
06:52a QATAR ISLAMIC BANK Q S C : Pak-Qatar Takaful Group holds board meeting
Latest news
Advertisement
Hot News 
ANDALAS ENERGY AND POWER : Issue of Zero Coupon Loan Note
6D GLOBAL TECHNOLOGIES, INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
AVOLON : sustains strong performance as fleet increases to over 400 aircraft
PETRO MATAD : Expecting "Highly Material" Compensation From Partner
HML : Director Dealing April 2016
Most Read News
04/30 Inbox Blueprint 2.0 – Anik Singal Launches an Easy to Follow Online Marketing Program for Beginners in Email Marketing
04/30 LIPOSUCTION VS. TUMMY TUCK : Which Is Right for Me?
04/30 Derma Essence Facial Serum – Critical Information Released
04/30 ACF AUSTRALIAN CONSERVATION FOUNDATION : Coal or coral? Greens plan puts choice in focus
12:27a FIRST : ® Hosts 20,000+ Students at World’s Largest Robotics Competition
Most recommended articles
12:17aDJChina's Factory Activity Loses Some Momentum -- Update
12:14aDJChina's Factory Activity Loses Some Momentum -- Update
04/30DJChina's Nonmanufacturing PMI Fell in April
04/30DJMARKET SNAPSHOT : Wall Street Isn't Rewarding Low-expectation Earnings Beats
04/30 China April official manufacturing activity expands at slower pace of 50.1 - PMI