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Stock Futures Rise Ahead of U.S. Jobs Report


NEW YORK ( TheStreet) -- Stock futures were marching higher Friday as investors cheered a better-than-expected U.S. nonfarm payrolls report.

Futures for the Dow Jones Industrial Average were up 50 points, or 50.64 points above fair value, at 13,548. Futures for the S&P 500 were rising 6.70 points, or 7.15 points above fair value, at 1462. Futures for the Nasdaq were rising 13.50 points, or 12.85 points above fair value, at 2835.

The Bureau of Labor Statistics reported that 114,000 jobs were added to the U.S. work force in September, better than the 113,000 jobs forecast by economists.

The change in total nonfarm payroll employment for August was revised to 142,000 from 96,000 and the change for July was revised to 181,000 from 141,000.

The unemployment rate dropped to 7.8% in September; economists were predicting that the rate had edged up to 8.2% from 8.1%.

Average hourly earnings rose by 7 cents and private sector jobs grew by 104,000.

At 3 p.m., the Federal Reserve is expected to say that consumer credit increased by $6.5 billion in August after falling by $3.3 billion in July.

The FTSE 100 in London was up 0.44% and the DAX in Germany was rising 0.57% on Friday. The Nikkei Average in Japan closed up 0.44% and the Hang Seng in Hong Kong finished up 0.50%.

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November crude oil futures were down 72 cents at $90.99 a barrel. December gold futures falling $5.40 to $1,791.10 an ounce.

The benchmark 10-year Treasury was down 1/32, raising the yield to 1.681%. The greenback was up 0.02%, according to the dollar index.

U.S. stocks finished with solid gains Thursday following encouraging data on labor market conditions and dovish commentary from the European Central Bank.

The release of the minutes of the Sept. 12-13 meeting of the Federal Open Market Committee contained few surprises, showing that the central bank's policy makers were mostly swayed by the slow pace of job creation in their decision to launch QE3.

In corporate news, Sprint Nextel (S) is considering making a rival bid for MetroPCS Communications (PCS) , which agreed on Wednesday to merge with T-Mobile USA , according to a report.

MetroPCS shares were up 0.16% in premarket trading Friday. Sprint shares were rising 0.39%.

Zynga(ZNGA) , the social gaming company, forecast a loss for the third quarter and lowered its full-year outlook.

Shares were plunging more than 20% in premarket trading.

JPMorgan Chase's (JPM) Barry Zubrow, the bank's regulatory affairs chief, is expected to give up his job, The Wall Street Journal reported.

The change is the latest reshuffling at the bank following the multibillion-dollar derivatives trade that went bad back in May.

It's possible that Zubrow will remain with the company in an advisory role, said people close to JPMorgan.