Strong jobs report expected to fuel stocks

  @CNNMoneyInvest March 8, 2013: 9:11 AM ET
sp 500 futures 852

Click on chart for more market data

NEW YORK (CNNMoney)

An unexpectedly robust jobs report Friday could push Wall Street into yet another record-setting gain.

U.S. stock futures were higher ahead of the opening bell.

The U.S. government reported that 236,000 jobs were added to the economy in February, and the unemployment rate dropped to 7.7% from 7.9%. That was much better than the 170,000 and 7.8% expected by economists surveyed by CNNMoney.

The strengthening U.S. economy, and particularly job growth, has helped push stocks to new highs.

The Dow finished at a new record Thursday, as the blue chip index and the S&P 500 advanced for a fifth straight day.

Online music streaming firm Pandora Media (P) reported better-than-expected quarterly sales and announced that its CEO will be stepping down. Pandora's shares soared in premarket trading.

TransCanada CEO defends Keystone pipeline

Athletic shoe retailer Foot Locker (FL, Fortune 500) reported a significant increase in sales and profit for the fourth quarter. But its stock dipped 4% in premarket trading.

Citigroup's (C, Fortune 500) shares gained more than 2% in premarket trading, following news that the bank passed the Fed's stress test to gauge if it could weather another recession. Morgan Stanley (MS, Fortune 500),JPMorgan (JPM, Fortune 500) and Goldman Sachs Group (GS, Fortune 500) also passed the tests.

Related: Fear & Greed Index headed for extreme greed

European markets were strong in midday trading, fueled by encouraging U.S. jobs data, while Asian markets ended mixed. The Shanghai Composite lost 0.2% and the Hang Seng added 1.4%. Japan's Nikkei increased 2.6% after the yen extended losses and revised data showed the country's economy has pulled out of a shallow recession. To top of page



Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 16,501.65 -12.72 -0.08%
Nasdaq 4,126.97 -34.49 -0.83%
S&P 500 1,875.39 -4.16 -0.22%
Treasuries 2.69 -0.04 -1.47%
Data as of 4:19pm ET
Company Price Change % Change
Facebook Inc 61.36 -1.67 -2.65%
AT&T Inc 34.92 -1.37 -3.78%
EMC Corp 25.91 -0.85 -3.18%
Bank of America Corp... 16.37 0.08 0.49%
Verizon Communicatio... 47.43 -0.49 -1.02%
Data as of 4:01pm ET
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.28%4.26%
15 yr fixed3.30%3.30%
5/1 ARM3.35%3.30%
30 yr refi4.32%4.25%
15 yr refi3.35%3.29%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.