US stock futures advanced in pre-market trade today as S&P 500 is pointing toward its second straight week of gains after European Central Bank kept interest rates low and change in non-farm payrolls beat estimates.
Futures on the S&P 500 expiring in September gained 0.08% to 1615.41 at 8:51 a.m. in New York. Contracts on the Dow Jones Industrial Average rose 123 points, or 0.38 percent, to 14998.50 today. U.S. markets were closed yesterday for the Independence Day holiday.
The S&P 500 climbed 0.6% this week. The index lost around 5.8% since May 21, just the day before Federal Reserve Chairman Ben S. Bernanke said the central bank may taper stimulus, if the U.S. economy improves in line with forecasts. The index has climbed 2.7% from the June low.
At 8:30 New York time EDT, non-farm payrolls data was posted only to show a vast increase in employment in non-farm sectors beating estimates by as much as 30 000. The index showed 195 000 change of predicted 165 000 as difference could be caused by seasonal hiring. Nevertheless Markets reacted as gold plunged and dollar index jumped exponentially.
Unemployment rate stayed unchanged comparing to last period at 7.6% missing estimate of 7.5%.
In corporate news Tesla, the electric car manufacturer wonder-stock added 2.2% to $117.75 after saying it received sufficient orders for its new Model S sedan to double the number of electric cars in China. The company headed by CEO Elon Musk estimated it will sell 21,000 units of the Model S globally this year.
Apple Inc., the tech giant increased 0.5% to $423.
Barrick Gold Corp., the world’s largest miner of the precious metal, slid 1.6% to $14.46 as gold fell.
Lululemon Athletica Inc. slipped 2.3% to $63 as CEO Dennis Wilson is selling 3.4 million shares of the yoga-wear maker.
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