Stock futures surge after jobs report

DEC 04, 2009
By  Bloomberg
Stock futures surged after the government said the nation's jobless rate dropped to 10 percent in November and far fewer jobs were lost than had been expected. The Labor Department said the economy shed 11,000 jobs last month, an improvement from October's revised total of 111,000. That's also much better than the 130,000 job losses that Wall Street economists expected. The unemployment rate fell to 10 percent from 10.2 percent in October, where economists expected it to remain at a 26-year high. Two economic reports from the Labor Department on Thursday gave some economists optimism that employers will ramp up hiring in the New Year, with the economy adding jobs in the first quarter. But many analysts still expect the jobless rate to keep climbing into next year. Ahead of the opening bell, Dow Jones industrial average futures rose 113, or 1.1 percent, to 10,465. Standard & Poor's 500 index futures rose 13.50, or 1.2 percent, to 1,111.50, while Nasdaq 100 index futures rose 21, or 1.2 percent, to 1,801.25. Later this morning, the government reports on October factory orders. The Commerce Department is likely to say factory orders remained flat in October after rising 0.9 percent in September, as demand increased for durable goods, and nondurable goods such as chemicals and energy products.

Latest News

LPL adds $600M UBS team in Tennessee
LPL adds $600M UBS team in Tennessee

The firm's latest additions, led by a second-generation financial advisor, are striking out via its Linsco employee advisor channel.

eMoney supports focused financial planning with enhanced needs analysis
eMoney supports focused financial planning with enhanced needs analysis

The Fidelity-owned fintech aims to help advisors connect with mass market and mass affluent prospects with single-goal conversations.

Trump SEC pick Paul Atkins grilled by Democrats in early political test
Trump SEC pick Paul Atkins grilled by Democrats in early political test

The prospective chair of the agency has pledged to shed conflicted interests and "return common sense to the SEC."

Finra moves to boot Alpine Securities, same firm that claims the regulator can’t
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

'If I were on the side of Alpine Securities, I’d put all my eggs in the federal court,' one attorney said.

CFP Board floats new procedural rules around bankruptcy, misdemeanors
CFP Board floats new procedural rules around bankruptcy, misdemeanors

If approved, the proposed revisions would achieve outcomes similar to the existing process while reducing the burden of oversight.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve