Thursday, July 7, 2011

Bond yields get jobs boost

US STOCKS-Futures advance before labor market data

NEW YORK (Reuters) - U.S. stock index futures rose on Thursday before data that may provide investors clues about Friday's key U.S. government monthly payrolls report.
The ADP national employment report set to be released at 8:15 a.m. was expected to show U.S. private hiring increased 68,000 in June after a rise of 38,000 in May, which was influenced by temporary factors, such as layoffs from auto shutdowns. It will also give a valuable signal regarding employment in the services sector.
Weekly initial jobless claims due at 8:30 a.m. are expected to have fallen slightly to 420,000 in the week ending July 2 from 428,000 claims the prior week.
"It's data that we are trying to figure out where the economy is going. Jobless claims is big," said Kim Caughey Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
"The pattern of the last couple of weeks has been that any kind of good news has just been grasped on to. People have taken it and ran. The market still is looking for good news, and apparently they are finding some and that is what is driving the market up every day."More...

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