Published November 02, 2012
NEW YORK – S&P 500 stock index futures were little changed on Friday after Wall Street posted its best daily rise in seven weeks and ahead of the last monthly jobs report before the presidential elections next week.
The S&P 500 had its best day since September 13 on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy's devastating sweep through the U.S. Northeast.
American employers likely added 125,000 jobs to their payrolls in October, according to a Reuters survey of economists. That would be up from 114,000 in September, but less than needed to quickly lower the jobless rate.
S&P 500 futures rose 0.1 point and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 6 points and Nasdaq 100 futures dipped 2.25 points.
European equities steadied on Friday but could test recent two-week highs if U.S. payrolls data provides reassurance on the health of the world's biggest economy. The pan-European FTSEurofirst 300 rose 0.2 percent to 1,112.18 points.
Asian shares rose to their highest in nearly two weeks with risk appetite returning on signs a global recovery is stabilizing, particularly in the United States and China.
From New York City's Staten Island to the popular beach towns of the Jersey Shore, rescuers and officials on Friday continue to face widespread destruction wrought by superstorm Sandy, mounting anger over delayed relief and fuel shortages, and a rising death toll.
Verizon may take another two weeks to restore telecommunication services for its customers after flooding and power outages knocked out services during Sandy, according to a top executive at the company.
Professional social network LinkedIn Corp beat Wall Street's third-quarter profit and revenue targets, as advertising rates increased and sales from its hiring services nearly doubled.
Starbucks Corp raised its profit forecast for the current fiscal year after sales in its top market of the United States beat expectations, giving the company optimism that has eluded much of the U.S. restaurant industry in recent months.
Newmont Mining Corp,, the world's second-largest gold producer, reported a lower-than-expected quarterly profit after a steep fall in production and a sharp rise in costs at its big Batu Hijau copper and gold mine in Indonesia.
Among prominent U.S. companies reporting quarterly results on Friday are media group McGraw-Hill, Chevron, energy company Hess Corp and fashion group Ralph Lauren.
(Reporting by Edward Krudy; Editing by Bernadette Baum)