US futures rise sharply on strong jobs report
NEW YORK (AP) — U.S. stock futures rose sharply for the first time this week after the Labor Department posted very strong employment figures in its final monthly report of the year.
The number of jobs added in November was greater than expected, and the unemployment rate fell further that most had projected.
Dow Jones industrial futures rose 100 points to 15,917. S&P futures added 12.75 points to reach 1,796.75. Nasdaq futures jumped 20 points to 3,498.80.
Employers added 203,000 jobs in November, the U.S. reported Friday, almost the same robust number as in October, meaning that the U.S. had had four consecutive months of solid job growth.
The unemployment rate dropped to five-year low of 7 percent, from 7.3 percent in October, which was also better than the projections of most economists.
Perhaps most encouraging was the type of jobs that are being created.
There was strong growth in high-paying sectors like manufacturing and construction.
The jobs report sent 10-year Treasury yields spiking up to 2.92 percent, and gold prices fell more than 1 percent, with investors seeing less risk in the markets.
Also on Friday, the Commerce Department said that consumers ramped up spending despite meager increases in wages.