Reply #35: U.S. stock futures rally on hopes of rate pause

[UpInArms]

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B72B1E659%2DD8B9%2D430E%2D8357%2D8D12DA95DFF1%7D&symbol=

LONDON (MarketWatch) -- U.S. stock market futures rallied Friday as weaker-than-anticipated June jobs data renewed hopes that the Federal Reserve will stop raising interest rates.

Meanwhile, a greater-than-anticipated rise in hourly earnings and a revenue warning from Intel rival Advanced Micro Devices tempered enthusiasm.

S&P 500 futures rose 4.00 points at 1,286.80 and Nasdaq 100 futures were up 5.50 at 1,570.50. Dow industrial futures climbed 31 points to 11,320.

Nonfarm payrolls expanded by 121,000 in June, the Labor Department said, lower than the 174,000 expected by economists surveyed by MarketWatch. In the second quarter, payroll employment growth averaged 108,000, down from 176,000 in the first quarter. See Economic Report.

The weak data followed a report earlier in the week from payroll giant ADP predicted a gain of about 380,000.

<snip>

The dollar slumped on the weak jobs data, with the buck down 1.2% against the yen at 113.93 and the euro up 0.6% vs. the greenback to $1.2847. Bonds rallied, with the yield on the 10-year Treasury note ($TNX : 51.51, -0.34, -0.7% ) sliding 0.045 percentage points to 5.14%.

Crude oil futures rose 49 cents to $75.63 a barrel in electronic trading, which is a record high for a front-month contract. See Futures Movers.

...more...