Jobs report to give stocks a boost

Higher open seen after surprise drop in unemployment. AIG makes money again.

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By CNNMoney.com staff

NEW YORK (CNNMoney.com) -- Stocks looked set for a positive start Friday after a key report showed a sharp drop in the number of people losing their jobs and a surprise drop in the unemployment rate.

At 8:39 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were modestly lower.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Economy: Employers shed 247,000 jobs in July, less than the 325,000 expected by analysts and far fewer than the 443,000 lost in June.

The unemployment rate fell to 9.4% from 9.5%, the first decline in over a year. Analysts were expecting it to rise slightly.

Earnings: AIG (AIG, Fortune 500) reported its first profit in two years. The stock, which soared in the run-up to the earnings report, gained another 10% after the release.

Autos: The Cash for Clunkers incentive program got a new life late Thursday after the Senate approved $2 billion in additional funding. The popular program is aimed at spurring auto sales.

World markets: The looming U.S. jobs report dragged on global markets. Asian stocks mostly fell, although Japan's Nikkei managed a slight gain. Major markets in Europe were lower in morning trading.

Oil slipped to trade near $71 a barrel, and the dollar was little changed on the euro and yen. To top of page

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