By IBTimes Staff Reporter: Subscribe to IBTimes's RSS feed
October 7, 2011 8:40 AM EDT
U.S. stock futures jumped Friday on a better-than-expected September jobs report, but growth remained too weak to lower the unemployment rate, which remains stuck at 9.1 percent.
Futures on the S&P 500 Index rose 1.34 percent at 8:38 a.m. ET, futures on the Dow Jones Industrial Average climbed 1.15 percent, and futures on the Nasdaq 100 rallied 0.91 percent.
The Bureau of Labor Statistics reported that U.S. non-farm payrolls increased by 103,000, which is more than the consensus estimate of 60,000 and more than August's gain of zero.
The gains of 103,000 jobs helped to calm fears of an imminent U.S. double-dip recession. However, the figures are still below the numbers needed to meaningfully lower the unemployment rate.
U.S. stocks and other global risk assets have performed well this week on the back of positive news out of Europe and solid U.S. economic data.
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Eurozone authorities are reportedly working on a plan to recapitalize European banks and the European Central Bank announced it'll reintroduce long-term loans to banks and covered bond purchases.
Before Friday's jobs data, ADP September private sector payrolls gain came in at 91,000 and the September Institute for Supply Management's nonservices PMI came in at 52.6, indicating some growth.
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Weekly Roundup: Asian Markets Fall On Weak China Data And Euro Zone Debt Concerns
