Market Hustle: Stock Futures Rise After Solid Jobs Report
NEW YORK (TheStreet) -- U.S. stock futures were climbing higher Friday as the monthly U.S. government jobs report showed that the labor market was beginning to shake off the effects of prolonged bad weather.
Dow Jones Industrial Average futures were up 64 points, or 72.45 points above fair value, to 16,565, S&P 500 futures were higher by 8 points, or 9.58 points above fair value, to 1,891, and Nasdaq futures were up 19.2 points, or 21.12 points above fair value, to 3,650.
The government jobs report for March showed a good pace of job creation with an addition of 192,000 jobs vs. the average economist's estimate of 200,000 jobs. The February figure was revised up to 197,000. The jobless rate remained at 6.7%; a dip to 6.6% was expected.
The FTSE 100 and DAX in Germany were also drifting higher, rising 0.51% and 0.4%, respectively. The Nikkei 225 in Japan settled down 0.05% and Hong Kong's Hang Seng closed down 0.24%.
- U.S. stocks fell Thursday as jobs growth in the service sector hit its lowest level in a year and unemployment claims rose. The S&P 500 continues to sit near record highs, gaining 1.7% over the week after closing at a new record high on April 2.
- Micron (MU) was gaining more than 4% in premarket trading after the semiconductor specialist beat Wall Street's estimates and swung to a profit in its fiscal second quarter. Mylan (MYL - Get Report)was surging more than 11.5% after The Wall Street Journal reported that the company is looking at buying Swedish drug maker Meda. Carmax (KMX) shares were shedding 4.54% after the company reported that revenue rose but it came in below analysts' estimates. The company also announced that it has hiked its share-buyback program by $1 billion. GameStop (GME - Get Report) was higher by 3.63% after being upgraded by Bank of America to "buy" from "neutral."
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