Dow futures leap by 400 points on 4.76m jobs added in June

Business | 2 Jul 2020 8:42 pm

U.S. stock-index futures added to gains on Thursday after a closely followed report on the health of the labor market showed that the U.S. added 4.76 million jobs in June and the unemployment fell to 11.1 percent from 13.3 percent in May, suggesting that the employment picture is improving after a stunning collapse due to the coronavirus pandemic.

Economists polled by MarketWatch had predicted 3.7 million jobs were created or restored in June, with some estimates ranging as high as 8 million. Futures for the Dow Jones Industrial Average shot up by 409 points, or 1.6 percent, at 25,984 those for the S&P 500 index  added 39.15 points, or 1.3 percent, while Nasdaq-100 futures were 106.25 points, or 1 percent, higher at 10,375.

Meanwhile, a separate report showed that Americans filed for 1.43 million new unemployment claims in the latest week.

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