Bloomberg News

U.S. Stock Futures Extend Gains on Manufacturing, Jobless Data

December 15, 2011

Dec. 15 (Bloomberg) -- U.S. stock futures extended gains as manufacturing in the New York region expanded more than forecast and American jobless claims unexpectedly declined.

Futures on the S&P 500 expiring in March gained 1 percent to 1,218.80 at 8:33 a.m. in New York. Dow Jones Industrial Average Index futures expiring the same month added 106 points, or 0.9 percent, to 11,868.

Jobless claims dropped by 19,000 to 366,000 in the week ended Dec. 10, the fewest since May 2008, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News projected 390,000.

Manufacturing in the New York region expanded more than forecast to the highest level in seven months in December, as measures of employment and new orders improved. The Federal Reserve Bank of New York’s general economic index rose to 9.5, from 0.6 in November. Economists projected the gauge would rise to 3, based on the median of 55 forecasts in a Bloomberg News survey.

Readings higher than zero signal expansion among companies in the so-called Empire State Index, which covers New York, northern New Jersey and southern Connecticut.

The S&P 500 dropped 1.1 percent yesterday as growing funding stress in the euro area fueled concern that the region is struggling to contain its sovereign-debt crisis. Spain sold 6

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net


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