By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 3, 2010 12:55 PM EDT
Futures on major U.S. stock indices point to a higher opening on Friday after non-farm payrolls for the month of August fell less than expected.
Futures on the S&P 500 are up 0.80 percent, futures on the Dow Jones Industrial Average are up 0.74 percent and Nasdaq100 futures are up 0.90 percent.
At 8:30 a.m. EDT, the Labor Department reported that non-farm employment fell by 54,000 in August as 114,000 temporary 2010 Census workers were let go by the federal government. Economists expected a decline of 118,000 jobs.
Excluding government jobs, private payrolls rose by 67,000 in August higher than the 30,000 gain expected and less than the revised 107,000 private-sector gains in July. Average hourly earnings of all employees on private nonfarm payrolls rose by 6 cents, or 0.3 percent, to $22.66 in August.
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The unemployment rate rose to 9.6 percent in August, the highest level since May, from 9.5 percent in July and against analysts’ estimation of 9.6 percent.
On Thursday, US stocks ended higher after extending previous session gains, boosted by some good news from housing and jobless claims.
On the corporate front, Hewlett-Packard has agreed to buy 3PAR for $33 per share, topping Dell's offer of $32. The new offer values 3Par at $2.35 billion. Dell said it will not raise its bid for 3PAR, and that it terminated talks regarding a potential acquisition.
The euro advanced 0.26 percent to 1.2858 against the dollar and the yen declined 1 percent against the greenback.
Crude oil futures advanced 0.01 percent and copper futures gained 0.11 percent. In precious metal sector, gold futures declined 0.29 percent and silver futures fell 0.34 percent.
European stocks extended gains after jobs data and are currently trading higher with FTSE 100 up by 23.09 points, DAX30 up by 24.80 points and CAC 40 up by 23.22 points.
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