BLBG: U.S. Stock Futures Fluctuate as Payrolls Fuel Rate Bets
U.S. stock-index futures fluctuated, with equities heading for a seventh weekly gain, as investors speculated better-than-estimated payrolls data bolstered the case for higher interest rates.
Futures on the Standard & Poor’s 500 expiring this month were little changed at 2,071.8 at 8:35 a.m. in New York.
Employers in the U.S. added 321,000 jobs in November, the most since January 2012, driving wage gains and highlighting increased corporate confidence the economy will endure a weakening in global markets.
The advance in payrolls exceeded the most optimistic projection in a Bloomberg survey of economists and followed a 243,000 gain in October that was stronger than previously reported, figures from the Labor Department showed today in Washington. The jobless rate held at a six-year low of 5.8 percent. Average hourly earnings rose 0.4 percent, the biggest gain since June of last year.
The S&P 500 (SPX) has gained 0.2 percent this week, heading for its longest winning streak in a year. It has rebounded 11 percent from a low in October amid speculation the U.S. economy is strong enough to withstand a slowdown overseas and tighter monetary policy after the Federal Reserve wound up its asset-purchase program.
U.S. stocks fell from records yesterday as European Central Bank President Mario Draghi said policy makers will wait until early next year to assess the need for further stimulus. The comments disappointed some investors seeking faster action.
To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net
To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net; Jeff Sutherland at jsutherlan13@bloomberg.net Jeff Sutherland, Trista Kelley
