U.S. stock futures gained, Treasuries retreated and the dollar rose after government data showed the economy added more jobs than forecast last month, bolstering optimism that the labor market is improving.
Futures on the Standard & Poor’s 500 Index expiring in June advanced 0.3 percent to 1,364.2 at 8:38 a.m. in New York. Ten- year U.S. Treasury yields climbed three basis points to 2.04 percent and the Dollar Index added 0.7 percent.
The 227,000 increase in payrolls followed a revised 284,000 gain in January that was bigger than first estimated, Labor Department figures showed today in Washington. Job growth over the last six months was the strongest since 2006. The median projection of economists in a Bloomberg News survey called for a 210,000 rise in February employment.
Today is the third anniversary of the 2009 bear-market low for the S&P 500. The benchmark gauge has risen 102 percent since closing at 676.53 on March 9, 2009 on speculation the economy would recover from the worst contraction since the Great Depression. The index had tumbled 57 percent from its record high on Oct. 9, 2007, before starting its recovery three years ago. It’s still 13 below its all-team peak.
The S&P 500, which closed at an almost four-year high last week, completed its biggest two-day advance of the year yesterday as Greece moved closer to completing the biggest ever debt restructuring.
Greece said today it convinced private investors to forgive more than 100 billion euros ($132 billion) of debt, opening the way for a second rescue package.
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