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U.S. Stock-Index Futures Advance After Government Jobs Report

U.S. stock-index futures advanced after a government report showed a decrease in jobs that was only slightly higher than forecast, easing concern that the economic slowdown is worsening.

Payrolls fell by 62,000 workers last month after a 62,000 drop in May that was greater than initially reported, the Labor Department said. Economists surveyed by Bloomberg had forecast a decrease of 60,000 jobs. The jobless rate remained at 5.5 percent.

Futures on the Standard & Poor's 500 Index expiring in September added 7.9, or 0.6 percent, to 1,270.7 at 8:38 a.m. in New York. Dow Jones Industrial Average futures jumped 58 to 11,269 and Nasdaq-100 Index futures rose 6.75 to 1,831.75.

Stocks tumbled yesterday after oil rose to a record and steelmakers and coal producers retreated on concern the economic slump will worsen. The 30-stock Dow average extended its decline from the October record to more than the 20 percent, the first time since 2002 the gauge has closed below the threshold that signals a so-called bear market.

Crude oil climbed to a record above $145 a barrel in New York today as investors sought an alternative to tumbling stock markets.