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Stock futures continue to rise after strong jobs number

  • Stock futures add to gains after job growth in May increased slightly more than forecast; Dow and Nasdaq +0.3%, S&P +0.2%.
  • The report provided no surprises, but traders said the rate of job creation offers further evidence that U.S. economic growth is on track; "good news is actually good news now in the marketplace," Wunderlich's Art Hogan says.
  • European indexes continue to move broadly higher following yesterday's ECB decision to introduce additional easing measures, while the major Asian markets ended lower.
  • BofA +0.2% premarket even after reports of talks with the Justice Department to pay at least $12B to settle civil probes into alleged handling of shoddy mortgages; shares had hit six-week highs yesterday.
  • Perhaps surprisingly, Treasurys also rallied in reaction to the jobs data, with the 10-year note surging to a gain of 9 ticks and the yield down 4 bps at 2.55%.
Comments (2)
  • Jake2992
    , contributor
    Comments (830) | Send Message
     
    Keep up the good work President Obama.
    6 Jun, 11:47 AM Reply Like
  • King Rat
    , contributor
    Comments (610) | Send Message
     
    Yet another example of falsely applied causality to coincidence.

     

    April nonfarm total revised down 6k.
    May nonfarm total missed by 3k, down 65k from April.

     

    April nonfarm private revised down 3k
    May nonfarm private missed by 14k, down 54k from April.

     

    This after April and march trade balances were worse than expected (that will hurt GDP)

     

    This is after Wednesday's productivity missed to the downside while labor costs rose to the upside and wages were flat.
    Labor up, productivity down, wages flat? How can that be? What makes labor cost more without wages rising? <cough> Ooooooooh!
    6 Jun, 12:20 PM Reply Like
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