U.S. Stock Futures Rise as Jobs Data Spurs Stimulus Bets
By Inyoung Hwang - Oct 22, 2013 8:35 AM ET
U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will extend a record, as weaker-than-forecast hiring in September fueled speculation the Federal Reserve will delay trimming monetary stimulus.
Netflix Inc. (NFLX) surged 10 percent after reporting quarterly results that beat analyst projections. Transocean Ltd. jumped 4.6 percent after S&P said it will replace Dell Inc. in the S&P 500 Index. Coach Inc. slid 2.2 percent after posting revenue that missed estimates.
S&P 500 futures expiring in December added 0.2 percent to 1,742 at 8:34 a.m. in New York after the gauge closed at a record yesterday. Contracts on the Dow Jones Industrial Average advanced 34 points, or 0.2 percent, to 15,356 today.
Payrolls climbed by 148,000 last month, less than the 180,000 projected by economists in a Bloomberg survey, indicating the U.S. economy had little momentum leading up to the federal government shutdown. The jobless rate fell to an almost four-year low.
The budget dispute may have trimmed fourth-quarter growth, and Fed policy makers will probably wait until March to begin trimming the $85 billion of monthly bond purchases to stimulate the economy, a Bloomberg survey showed last week.
Bloomberg.com
DO SOMETHING!
| 