Stock Futures Rise Ahead of Nonfarm Payrolls Report
NEW YORK (TheStreet) -- U.S. stock futures were surging Friday after the July nonfarm payrolls number came in better than expected.
Futures for the Dow Jones Industrial Average were rising 117 points, or 126.12 points above fair value, at 12,948. Futures for the S&P 500 were up 14.1 points, or 15.45 points above fair value, at 1376, while futures for the Nasdaq 100 were up 29.75 points, or 28.78 points above fair value, at 2648.
The Labor Department said Friday that nonfarm payrolls rose by 163,000 in July, better than the 100,000 expected by economists in a Reuters survey. This was the biggest monthly jobs gain since February.
The June nonfarm payrolls number was downwardly revised to 64,000 in June.
Average hourly earnings for all employees on private nonfarm payrolls edged up by 2 cents to $23.52.
The unemployment rate in July rose to 8.3%.
The Institute for Supply Management's July non-manufacturing index, which will be released at 10 a.m., is expected to fall to 52 from 52.1 in June.
September crude oil futures were up $1.05 at $88.18 a barrel. December gold futures were up by $6.80 at $1,597.50 an ounce.
The benchmark 10-year Treasury was falling 9/32, raising the yield to 1.511%. The greenback was trading down 0.42%, according to the dollar index.
The FTSE in London was rising 1.09% and the DAX in Germany was gaining 1.55%.
The Hong Kong Hang Seng index finished down by 0.12% and the Nikkei in Japan settled lower by 1.13%.
U.S. stocks slid Thursday for a fourth straight session after European Central Bank President Mario Draghi said little about helping struggling nations a day after the Federal Reserve failed to deliver support to the U.S. economy.
A surprising decline in U.S. factory orders also put a damper on sentiment.
On the corporate front, American International Group (AIG) reported Thursday second-quarter after-tax operating income of $1.9 billion, or $1.06 a share, topping analysts' estimates of 57 cents a share.
Revenue rose 3% to $17.12 billion.