By Saumya Vaishampayan
U.S. stock futures held gains Friday after data showed the
American economy created many more jobs than expected in
November.
Dow Jones Industrial Average futures rose 45 points, or 0.3%, to
17933. S&P 500 futures rose three points, or 0.1%, to 2074, and
Nasdaq-100 futures gained 10 points, or 0.2%, to 4324. Changes in
stock futures don't always accurately predict moves in the stock
market after the opening bell.
Stocks initially erased gains and then moved higher after the
Labor Department reported that nonfarm payrolls rose a seasonally
adjusted 321,000 last month, the strongest month of hiring since
January 2012, the Labor Department said Friday. Economists surveyed
by The Wall Street Journal expected the creation of 230,000 jobs in
November.
Stocks inched lower Thursday, snapping a two-day winning streak.
The Dow lost 0.1% to 17900.10 and the S&P 500 declined 0.1% to
2071.92.
Many investors say the backdrop for stocks is positive. Stocks
have hit a series of records in recent weeks as data have confirmed
the U.S. economy and corporate earnings are both growing. In fact,
the U.S. is on track to post its strongest year of job growth since
1999. Easing efforts by major central banks will maintain pressure
on already-low global interest rates, making stocks appear more
attractive than other assets.
Friday's positive tone for stocks was sparked by gains in
Europe, where stocks and bonds climbed. The Stoxx Europe 600 rose
1.2%.
In corporate news, Dollar Tree Inc. said its pending $8.5
billion acquisition of Family Dollar Stores Inc. could close as
early as February. Dollar Tree said it would have to shed a small
number of stores for antitrust approval of the deal. Shares of both
companies were inactive in premarket trade.
Amazon.com Inc. is getting into the diaper business in a move
that pits itself against Procter & Gamble Co. Amazon will sell
diapers and wipes through a brand called Elements and the company
plans to eventually expand into other household products. Amazon
shares inched down 0.1%, while those of Procter & Gamble fell
1.3% premarket.
Write to Saumya Vaishampayan at saumya.vaishampayan@wsj.com
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