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U.S. Stock Futures Rally, Treasuries Drop After Jobs Data
2010-09-03 12:34:55.670 GMT
By Michael P. Regan
Sept. 3 (Bloomberg) -- U.S. stock futures rallied and
Treasuries tumbled after growth in private payrolls topped
estimates, bolstering optimism the economic recovery will be
sustained.
Futures on the Standard & Poor's 500 Index climbed 0.8
percent to 1,098.3 at 8:32 a.m. in New York. The yield on the
benchmark 10-year Treasury note rose 10 basis points to 2.72
percent.
Private payrolls that exclude government jobs increased
67,000, after a revised 107,000 increase in July that was more
than initially estimated, Labor Department figures in Washington
showed today. The median estimate of economists surveyed by
Bloomberg News called for a gain of 40,000. Overall employment
fell 54,000 for a second month and the unemployment rate rose to
9.6 percent as more people entered the labor force.
The S&P 500 is up 2.4 percent so far this week, poised to
snap a three-week losing streak. The gauge still remains 10
percent below this year's peak in April. Faster-than-forecast
growth in manufacturing sent the index up 3 percent on Sept. 1,
its biggest gain in almost two months.
Stocks climbed yesterday, extending the biggest rally in
almost two months, after economic figures from retail sales to
pending home sales helped boost confidence in the economic
recovery.
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To contact the editor responsible for this story:
Michael Regan at +1-212-617-7747 or
mregan12@bloomberg.net
