Jobs Data Spurs Stock Futures
US stock futures were poised to push higher in value during the midweek trading session after the release of strong labor market data for the private sector in June.
Wednesday, July 2, 2014 - 00:00
The Dow was on the brink of exceeding the psychological barrier of 17,000,while the S&P 500 was nearing 2,000. Companies in the US created jobs for 281K people last month, notching the largest monthly lift since late 2012. Additional economic data set for release during this shortened week includes orders for factories and demand for long-lasting goods. Just after 10:00AM in New York, the Nasdaq slightly gained 0.14%, a climb of 6.33 points to 4,464.80, while the S&P 500 rose 0.06%, a lift of 1.14 points to 1,974.61, and the Dow increased 0.09%, a rise of 15.96 points to 16,972.03.
Markets closed on Tuesday with both the Dow and the S&P 500 touching all-time high values, as both were propelled higher by strong economic data. US and Asian manufacturing rose, spurring a brighter outlook about the health of the world economy.
Private jobs tally dwarfs expectations
Economists and analysts polled by Bloomberg said the ADP Research Institute private sector jobs data would check in at 205,000. The figures that the New Jersey-based service released trumped that median projection.
The US Department of Labor is slated to release June employment figures on Thursday. If those tallies are strong, that would mark a fifth consecutive month of gains, yet another sign of the nation's strengthening economy. Five consecutive months of gains would be the metric's longest bullish trend since later 1999 and early 2000, according to Bloomberg.
Likely hurricane bores in on East Coast
As the Independence Day weekend approaches in the US, concerns are spreading about a storm system targeting the East Coast, CNN reports.
Arthur, as the season's first tempest is known, presently is a tropical storm yet is gaining strength and is likely to emerge as hurricane. Forecasted to make its way up the Eastern Seaboard beginning Wednesday afternoon, the storm could make Thursday a challenging day. Arthur may become a Category 1 hurricane on Thursday, equipped with wind speeds as fast as 75 miles per hour.
Though typically lighter in trade, the day before the 4th of July might have the increased burden of a hurricane.
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