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S&P 500 Futures Gain After Jobs Data as Bonds Fall

Asia Stocks Drop, Treasuries Gain Before U.S. Data; Yen Rises
Dealers work under a monitor, right, displaying the exchange rate of the yen against the U.S. dollar, top, and the Nikkei 225 Stock Average figure at a foreign exchange brokerage in Tokyo on June 7, 2013. Photographer: Koichi Kamoshida/Bloomberg

U.S. equity-index futures rose, European stocks rebounded and Treasuries declined after employment in America increased last month. The yen pared gains in its biggest weekly advance since October 2008.

Standard & Poor’s 500 Index futures rose 0.6 percent at 8:41 a.m. in New York and the Stoxx Europe 600 Index added 0.4 percent. The 10-year Treasury yield rose four basis points to 2.12 percent. Japan’s currency strengthened against all of its 16 major counterparts. The Aussie slid 1.5 percent to 94.57 U.S. cents.

Payrolls rose 175,000 last month after a revised 149,000 increase in April that was smaller than first estimated, Labor Department figures showed today. The yen’s 4.2 percent advance this week was spurred by Prime Minister Shinzo Abe’s failure to provide additional details on stimulus measures and Finance Minister Taro Aso said today Japan won’t intervene anytime soon.

“This report’s in the sweet spot,” Brian Jacobsen, who helps oversee $221.2 billion as chief portfolio strategist at Wells Fargo Advantage Funds in Menomonee Falls, Wisconsin, said by telephone. “It shows investors that the economy is growing but not fast enough for them to be concerned that the Fed is going to start tapering its asset purchase program. It’s in the perfect spot for investors to stop of worrying of pre-mature tapering.”

The median forecast in a Bloomberg survey called for a 163,000 gain. The unemployment rate rose to 7.6 percent from 7.5 percent.

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