News Column

Futures Pointing To Continued Strength On Wall Street

July 2, 2014

WASHINGTON (Alliance News) - After moving sharply higher over the course of the previous session, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 18 points.

Stocks may benefit from the release of a report from payroll processor ADP showing that private sector employment in the US increased by much more than anticipated in the month of June.

ADP said employment in the private sector surged up by 281,000 jobs in June following an increase of 179,000 jobs in May. Economists had been expecting employment to climb by about 205,000 jobs.

Mark Zandi, chief economist of Moody's Analytics, said, "Judging from the job market, the economic recovery remains fully intact and is gaining momentum."

The report may generate some optimism about the Labor Department's monthly jobs report, which is due to be released on Thursday.

The Labor Department report includes both public and private sector jobs and is currently expected to show an increase of about 210,000 jobs.

Not long after the open, the Commerce Department is scheduled to release a separate report on factory orders in the month of May.

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Source: Alliance News

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