Dow futures jump more than 100 points after blowout jobs report
Stock futures climbed in overnight trading on Sunday as investors cheered a strong bounce in U.S. job growth last month amid accelerating vaccine rollout.
Futures on the Dow Jones Industrial Average jumped 136 points. S&P 500 futures rose 0.4% and Nasdaq 100 futures edged up 0.2%.
The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones were expecting an increase of 675,000 and a jobless rate of 6%.
“This reflects the lifting of restrictions, ramp-up in vaccinations and boost provided by the fiscal stimulus,” said Anu Gaggar, senior global investment analyst at Commonwealth Financial Network. “Faster jobs and wage growth can have an upward pressure on prices and test the Fed’s patience with easy monetary policy.”
Reference: CNBC
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