Bloomberg News

U.S. Stock Futures Extend Gains as ADP Jobs Growth Tops Forecast

November 02, 2011

Nov. 2 (Bloomberg) -- U.S. stock-index futures extended gains after a private report showed companies added more jobs than forecast in October, bolstering optimism in the economy.

Futures on the Standard & Poor’s 500 Index expiring in December climbed 0.6 percent to 1,232 at 8:17 a.m. in New York. The S&P 500 slumped 5.2 percent over the previous two sessions after Greek Prime Minister George Papandreou said he would put the nation’s bailout up for a referenderum, spurring concern the European credit crisis may worsen.

Futures added to early gains today after companies added 110,000 workers to payrolls in October, according to data today ADP Employer Services. The median forecast of 41 economists surveyed by Bloomberg News called for a advance of 100,000. Projections ranged from 38,000 to 150,000.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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