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US Stocks Open Higher On Good Employment Data

Gary will be back on line next week - and today Econintersect is providing the market open from our syndication partner Investing.com:

European stocks turned mostly lower on Friday, after downbeat German data, while markets eyed the release of a key U.S. employment report later in the day amid speculation over a possible near-term end to the Federal Reserve's stimulus program.

During European afternoon trade, the EURO STOXX 50 slipped 0.28%, France’s CAC 40 edged down 0.17%, while Germany’s DAX 30 fell 0.22%.

Follow up:

Official data showed that German factory orders dropped 1.3% in May, confounding expectations for a 1.2% increase, after a 2.2% decline the previous month.

U.S. stocks opened higher on Friday, supported by the release of upbeat U.S. employment data, even as it added to expectations for the Federal Reserve to begin tapering its stimulus program.

During early U.S. trade, the Dow Jones Industrial Average gained 0.47%, the S&P 500 index advanced 0.49%, while the Nasdaq Composite index climbed 0.43%.

In a report, the Bureau of Labor Statistics said the U.S. economy added 195,000 jobs in June, more than the expected 165,000 increase, after 195,000 jobs were created in May.

However, the report also showed that the U.S. unemployment rate remained unchanged at 7.6% last month, disappoiting expectations for a decline to 7.5%.

The data added to speculation that the Fed may soon decide to unwind its USD85 billion-a-month bond-buying program after a report on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.









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