Published December 07, 2012
FOX Business: Capitalism Lives Here
U.S. stock-index futures got a boost on data showing the U.S. economy added substantially more jobs than expected last month and the unemployment rate dropped.
As of 8:35 a.m. ET, Dow Jones Industrial Average futures climbed 56 points to 13120, S&P 500 futures jumped 6 points to 1419 and Nasdaq 100 futures gained 12.3 points to 2666.
The Labor Department said nonfarm payrolls rose by 146,000 in November from October, significantly more than the 93,000 expected. The unemployment rate fell to 7.7% from 7.9% the month prior to its lowest level since December 2008. Economists were expecting the unemployment rate to remain at 7.9%. The Labor Department reported Hurricane Sandy did not "substantively" impact the numbers, according to a report by Dow Jones Newswires.
The Bundesbank said it expects Germany's economy to grow at a pace of just 0.4% next year, down sharply from a June forecast of 1.6%. The country is Europe's economic powerhouse, but has been showing increasing vulnerability to the eurozone debt crisis. The news comes only a day after the European Central Bank cut its economic forecast for the entire currency bloc.
There are two other reports due on the day as well. One from Reuters and the University of Michigan on tap for 9:55 a.m. ET is expected to show consumer sentiment having edged slightly lower during the beginning of December. The key holiday shopping season kicks off in November, giving the report increased importance.
Later, the Federal Reserve releases its reading on consumer credit conditions.
Commodities markets were fairly stable. The benchmark crude contract dipped 40 cents, or 0.49%, to $85.85 a barrel. Wholesale New York Harbor gasoline rose 0.23% to $2.603 a gallon. In metals, gold slipped $4.60, or 0.28%, to $1,697 a troy ounce.
On the corporate front, Netflix (NFLX) and its chief executive Reed Hastings received "Wells Notices" from the Securities and Exchange Commission on fair disclosure questions, a filing released late Thursday revealed.
The Euro Stoxx 50 dipped 0.3% to 2596, the English FTSE 100 slipped 0.14% to 5893 and the German DAX slumped 0.23% to 7517.
In Asia, the Japanese Nikkei 225 fell 0.19% to 9527 and the Chinese Hang Seng edged lower by 0.26% to 22191.