U.S. Stock-Index Futures Extend Gains After ADP Report Shows Jobs Growth
U.S. stock-index futures extended gains after an industry report showed companies added more jobs than forecast in June, bolstering confidence in the economic recovery.
Futures on the Standard & Poor’s 500 Index expiring in September climbed 0.7 percent to 1,345.9 at 8:16 a.m. in New York. Dow Jones Industrial Average futures increased 69 points, or 0.5 percent, to 12,638.
Companies in the U.S. added 157,000 workers to their payrolls in June, according to figures from ADP Employer Services. The median estimate of economists surveyed by Bloomberg News called for an advance of 70,000. Forecasts of the 36 economists surveyed by Bloomberg ranged from 40,000 to 175,000. The data comes before the government’s June payrolls report tomorrow.
U.S. stocks rose yesterday, posting their sixth advance in seven days, as gains in transportation and consumer-staple companies overshadowed a slowdown in service-industry growth and China’s interest-rate increase.
The S&P 500 climbed 5.6 percent last week, its biggest weekly advance since July 2009. The gain helped the S&P 500 erase about 75 percent of the decline suffered since reaching its high for the year on April 29. Through June 24, U.S. equities had fallen for seven of the previous eight weeks on concern that the European debt crisis would spread and the U.S. economy slow. The index has gained 6.5 percent for the year, data compiled by Bloomberg show.
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