Stock futures edge up on ADP employment survey
NEW YORK (AP) — Stock futures edged higher after a private survey showed that U.S. companies picked up the pace of hiring last month.
KEEPING SCORE: Dow Jones industrial average futures rose 14 points, or 0.1 percent, to 16,463 as of 9:15 a.m. Eastern time. Standard & Poor’s 500 index futures gained 0.2 points to 1,878. Nasdaq futures climbed 5.50 points, or 0.1 percent, to 3,655.80.
NOW HIRING: A private survey shows that U.S. companies increased hiring at a rapid pace last month, suggesting that the jobs market is recovering from a brutal winter. Payroll processer ADP says private employers added 191,000 jobs in March. ADP also revised February’s job creation up to 153,000 from an originally reported 139,000. The report comes ahead of the government’s monthly jobs report, scheduled to be released on Friday.
RECORD BREAKER: The S&P 500 closed at a record on Tuesday after an encouraging report on the manufacturing sector. Stocks were also boosted by a separate report that showed construction spending picked up in February.
TREASURIES AND COMMODITIES: Government bonds fell after the report. The yield on the 10-year Treasury note climbed to 2.78 percent from 2.75 percent on Tuesday. The price of oil fell 64 cents, or 0.6 percent, to $99.10 a barrel. Gold rose $11.40, or 0.9 percent, to $1,291.20.