Stocks: Ready to rally after jobs report

May 3, 2013: 9:01 AM ET
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NEW YORK (CNNMoney)

Let's get ready to rally!

The U.S. economy added 165,000 jobs in April, according to the government's latest monthly jobs report. The unemployment dipped to 7.5% from the prior month's rate of 7.6%.

Both numbers were much better than expected, sending U.S. stock futures sharply higher. S&P 500 futures rose above 1,600. If that holds for the open, it will mark the first time the broad index has breached that level.

While jobs will likely dominate trading Friday, later Friday morning, the Census Bureau will release data on factory orders and the Institute for Supply Management will release its monthly services-sector index.

Watch Fortune's Q&A with Warren Buffett

Warren Buffett's investment firm Berkshire Hathaway (BRKA) is scheduled to release quarterly earnings after the market close.

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U.S. stocks finished higher Thursday, with the S&P 500 ekeing out a new record high.

LinkedIn (LNKD) shares plunged in premarket trading after the professional-networking site offered weak second-quarter guidance.

AIG (AIG) shares rose after the insurer reported earnings that beat expectations Thursday.

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European markets climbed higher in midday trading, though investors were also awaiting the U.S. jobs data before making any big decisions.

The European Union trimmed its forecast for the eurozone gross domestic product, to a decline of 0.4% in 2013. The forecast for 2014 was also trimmed, to a gain of 1.2%.

Asian markets ended higher. The Shanghai Composite added 1.4% and the Hang Seng increased 0.1%. Japan's Nikkei was closed for a holiday.

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Dow 17,098.45 18.88 0.11%
Nasdaq 4,580.27 22.58 0.50%
S&P 500 2,003.37 6.63 0.33%
Treasuries 2.34 0.01 0.39%
Data as of 1:08am ET
Company Price Change % Change
Bank of America Corp... 16.09 0.08 0.50%
Apple Inc 102.50 0.25 0.24%
Intel Corp 34.92 0.27 0.78%
Facebook Inc 74.82 0.96 1.31%
General Electric Co 25.98 -0.03 -0.12%
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