Futures move into positive territory on job report

AP News
Posted: Jun 07, 2013 8:44 AM
Futures move into positive territory on job report

NEW YORK (AP) — U.S. stock futures and global markets rose Friday after the Labor Department reported that the economy added 175,000 jobs in May.

Dow Jones industrial futures rose 19 points to 15,055. S&P futures gained 3.4 point to 1,626.10. Nasdaq futures tacked on 2.75 points to 2,952.25.

The unemployment rate rose to 7.6 percent from 7.5 percent in April. That is being taken as a good sign because more people are looking for work, rather than staying home as many did during the worst periods of the financial meltdown.

Markets have been roiled all week in anticipation of the jobs report, suffering both their worst two-day losses of the year and then, Thursday, the biggest gain in three weeks.

Futures jumped after the Labor Department report because the addition of jobs in May, while encouraging, is unlikely to change the stance of the government policy makers, who have stuck to a massive bond-buying program to keep interest rates low.

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The U.S. Federal Reserve has vowed to aggressively aid the economic recovery until there is a marked improvement on the jobs front.

Employers added an average of 155,000 jobs in past three months, yet that is short of the average of 237,000 created from November through February.