Futures Rise on ADP Jobs Report
NEW YORK ( TheStreet) -- Stock futures were pointing to a higher open Wednesday, climbing back after the previous session's steep selloff, amid news that companies added 114,000 jobs in July.
Futures for the Dow Jones Industrial Average were up by 52 points, or 44 points above fair value, at 11,856. Futures for the S&P 500 were higher by 7 points, or 4 points above fair value, at 1254, and Nasdaq futures were ahead by 10 points, or 9 points above fair value.
The Dow plunged more than 2% Tuesday, marking the eighth consecutive lower close, as a weak reading on June consumer spending and global uncertainties prevented a market rebound following the passage of a U.S. debt deal.
Automatic Data Processing said companies added 114,000 jobs in July, which was slightly above the increase of 100,000 positions that economists had been expecting, according to Briefing.com. In June, the private sector added 145,000 payrolls, which was downwardly revised from initially reported additions of 157,000.The look at private sector job growth comes ahead of Friday's July employment report from the government. The market is projecting 84,000 additional nonfarm payrolls in July, after June's meager increase of 18,000 jobs. The unemployment rate is slated to inch down to 9.2%, from 9.3% in June, according to Briefing.com.
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