NEW YORK (AP) - Stock futures rose Wednesday on
strong jobs numbers and what is expected to be more evidence that
businesses are ramping up orders to meet rising demand from their
customers.
The Dow rode a triple-digit gain into the history books this week and appears ready to do it again Wednesday.
Dow Jones industrial futures rose 57 points to
14,290. S&P futures added 5.7 points to 1,542.80. Nasdaq futures
tacked on 7 points to 2,805.25.
Strong hiring by private employers continued in
February, payroll processor ADP said on Wednesday. The rise came despite
fears that payroll taxes and a clash over the budget in Washington
would cool the desire of companies to bring more workers on board.
Its survey showed employers added 198,000 jobs,
thousands more than expected, and ADP revised January's hiring figures
to show companies added 215,000 jobs, which is 23,000 more than what had
initially been reported.
That raises hopes that the crucial and more
extensive jobs report from the Labor Department on Friday will surprise
as well. Economists expect the U.S. added 152,000 jobs.
Unemployment ticked up last month to 7.9 percent
even as the number of people who were hired rose. That's well off the 10
percent unemployment rate during the worst of the recession, but it
remains stubbornly above the 5 percent that policymakers strive for
during better times.
A half hour after the market open Wednesday, the Commerce Department releases factory orders data from January.
Economists predict a 2.2 percent decline in factory
orders for January compared with December, but that includes a steep
drop in aircraft orders, which are volatile.
A report last week on orders for long-lasting goods
from factories actually jumped by more than it had in a year, signaling
increased confidence among businesses.
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