NEW YORK (AP) — Stock futures continued to trade in a narrow range Wednesday after a private group’s report showed job cuts declined in November for the eighth straight month, but not as much as forecast.
The Federal Reserve’s assessment of regional economic activity is also set to be released in the afternoon, providing further insight into a potential recovery.
Overseas markets were mixed.
In the first of three straight days of employment reports, the ADP National Employment Report says 169,000 private sector jobs were lost in November, worse than the 160,000 cuts expected by economists polled by Thomson Reuters.
The eighth straight decline in job losses provides further evidence the country’s economy is recovering, but at a slow pace. ADP said 195,000 jobs were lost in October. A stabilization in job losses and eventual rehiring of workers is considered vital to a continued recovery.
Joel Prakken, chairman of Macroeconomic Advisers, which partners with ADP to compile the data, said in a statement that losses are “likely to decline for at least a few more months” as employment usually lags a recovery in economic activity.
The ADP jobs report is often used as a gauge for Friday’s monthly unemployment report from the Labor Department. Economists expect the unemployment rate remained flat at 10.2 percent last month.
Data on weekly jobless claims is due out Thursday.
Ahead of the opening bell, Dow Jones industrial average futures fell 3, or less than 0.1 percent, to 10,458. Standard & Poor’s 500 index futures fell 0.20, or less than 0.1 percent, to 1,108.20, while Nasdaq 100 index futures rose 0.25, or less than 0.1 percent, to 1,792.25.
Investors hunting for further signs of a rebound will review the Fed’s beige book report, which is due out at 2 p.m. EST. The report breaks down economic activity by region.
Stocks surged on Tuesday, resuming their upward climb that was temporarily halted by debt concerns in Dubai. The months-long pattern of a weakening dollar pushing commodities prices, as well as energy and materials stocks, higher continued.
New economic data remained mixed, but indicated signs of modest improvement. A report on manufacturing showed the sector expanded in November at a slower pace than the previous month, but new orders were picking up. That signals expansion is likely in the coming months.
The Dow and S&P; both gained 1.2 percent, while the Nasdaq composite index jumped 1.5 percent.
On Wednesday, the dollar modestly declined against most major currencies, while gold prices rose, again touching a new high. Gold, which is trading at $1,210.80 an ounce, rose as high as $1,218.40 an ounce in earlier dealings.
Meanwhile, bond prices were little changed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.30 percent from 3.29 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.06 percent from 0.04 percent.
Overseas, Japan’s Nikkei stock average rose 0.4 percent. In afternoon trading in Europe, Britain’s FTSE 100 slipped 0.1 percent, Germany’s DAX index rose 0.1 percent, and France’s CAC-40 gained 0.1 percent.
Business
<img src=" http://www.joplinglobeonline.com/images/zope/wednesday.gif" border=0> Stock futures remain mixed after jobs report
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