Market Hustle: Futures Gain as Stronger Economic Picture Emerges
NEW YORK (TheStreet) -- U.S. stock index futures were gathering strength Friday as a better than expected November government job report and signs of a pick-up in consumer spending bolstered confidence that the market will be able to weather an early Federal Reserve tapering.
- S&P 500 futures were adding 8.25 points, or 8.22 points above fair value, to 1,792.25. Dow Jones Industrial Average futures were gaining 69 points, or 76.49 points above fair value, to 15,886. Nasdaq futures were up 12.2 points, or 13.57 points above fair value, to 3,491.
- A November job creation of 203,000 was reported by the Bureau of Labor Statistics. That's up from a revised 200,000 in October and better than the consensus 180,000 estimate coming from a Thomson Reuters poll of economists. The jobless rate fell to a five-year low of 7% from 7.3% versus the expectation for a dip to 7.2%. Personal spending gained 0.3% in October, better than the consensus 0.2%, according to the Bureau of Economic Analysis. Personal income was down 0.1% in October, which was below the estimate of 0.3%. The December University of Michigan Consumer Sentiment Index will be released at 9:55 a.m.
- Fed speakers scheduled to make public appearances Friday include Philadelphia Federal Reserve Bank President Charles Plosser and Chicago Fed President Charles Evans at 10:15 a.m. and 3 p.m. , respectively.
- Sears (SHLD - Get Report) shares were gaining 3.74% to $51.85 after the retailer said that it will spin off its Lands' End clothing business. Intel (INTC - Get Report) was up 2.1% to $24.77 after Citigroup analysts raised the stock to "buy" from "neutral."
--Written by Andrea Tse in New York.
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