Bloomberg News

U.S. Stock Futures Extend Gains After Jobless Claims Decrease

May 03, 2012

U.S. stock-index futures extended gains after initial jobless claims decreased more than forecast last week, bolstering optimism in the economy a day before the government’s monthly employment report.

Futures on the Standard & Poor’s 500 Index expiring in June rose 0.4 percent to 1,402.5 at 8:31 a.m. in New York.

Jobless claims fell by 27,000 to 365,000 in the week ended April 28, a one-month low, from a revised 392,000 the prior period, Labor Department figures showed today in Washington. The median forecast of 46 economists surveyed by Bloomberg News called for 379,000 applications.

U.S. stocks fell yesterday, dragging the Dow Jones Industrial Average down from the highest level since 2007, as a private report showed companies added fewer jobs than projected and euro-region data showed unemployment rose to a 15-year high. The S&P 500 is up 12 percent in 2012 and is trading 1.2 percent below an almost four-year high reached last month.

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


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