This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Surge After Jobs Report

NEW YORK ( TheStreet) -- Stock futures were popping Friday after a better-than-expected U.S. labor market report.

Futures for the S&P 500 were rising 11 points, or 10.66 points above fair value, to 1,603.25. Stocks rallied Thursday as the European Central Bank lowered interest rates in a sign that policymakers are willing to take further actions to revive their moribund economies while investors embraced reports that showed improvement in U.S. employment.

Futures for the Dow Jones Industrial Average were surging 100 points, or 92.42 points above fair value, to 14,860. Futures for the Nasdaq were up 21 points, or 19.06 points above fair value, to 2,923.

The Bureau of Labor Statistics reported that 165,000 nonfarm jobs were added in April, up from an upwardly revised increase of 138,000. The jobless rate fell to 7.5% from 7.6%. Economists surveyed by Thomson Reuters were looking for an addition of 145,000 jobs last month with the unemployment rate remaining at 7.6%.

American International Group (AIG - Get Report) was rising 2.63% to $43.24 after the insurance giant said its after-tax operating income, which excludes the impact of certain investments and hedging activities, rose 28% in the first quarter to $3.02 billion.

LinkedIn (LNKD - Get Report) was plunging 9.26% to $183 in premarket trading after the career Web site forecast on Thursday second-quarter sales and earnings below analysts' estimates.

Zagg (ZAGG - Get Report) was plummeting 25.15% to $5.15 after the mobile-device accessory maker cut its full-year revenue outlook. The company's first-quarter results fell far short of expectations after an 83% plunge in earnings, as sales and margins deteriorated.

Kraft Foods' (KRFT) first-quarter earnings topped Wall Street expectations. The company earned $456 million, or 76 cents a share, down from $483 million, or 82 cents a share, a year earlier. Revenue rose 2% to $4.55 billion. Wall Street was expecting earnings of 63 cents a share on revenue of $4.49 billion.

Several more reports are expected at 10 a.m. EDT, including ISM Services and factory orders. The Institute for Supply Management is predicted to report that the non-manufacturing index softened to 54 in April from 54.4 in March. Factory orders fell 2.6% in March after rising 3% in February, according to economists' estimates.

June gold futures were gaining $5.50 to $1,473.10 an ounce. Crude oil futures for June delivery were up 35 cents to $94.34 a barrel.

The DAX in Germany was up 0.26% and the FTSE in London was up 0.18%. The Hong Kong Hang Seng Index closed up 0.1%. Japanese markets were closed for public holiday and set to reopen Tuesday.

The benchmark 10-year Treasury was up 1/32, diluting the yield to 1.627%. The dollar was down 0.27% to $82 according to the U.S. dollar index.

Written by Andrea Tse in New York

>To contact the writer of this article, click here: Andrea Tse.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
KRFT $0.00 0.00%
ZAGG $8.01 0.00%
AIG $55.82 0.00%
LNKD $125.31 0.00%
AAPL $93.74 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs