Stock futures creep higher ahead of jobs report

[September 04, 2009]  NEW YORK (AP) -- Stock futures are creeping higher Friday as investors await the government's key report on unemployment.

The early advance in futures follows gains in overseas markets encouraged by a modest rise in U.S. stocks a day earlier that ended a four-day streak of losses.

The August jobs report, which is due before the opening bell, is the month's most important piece of economic data. Investors who have become more nervous about the economy's recovery in recent weeks not only want to see job losses continue to slow, but signs that jobs are actually being created. The sharp rise in unemployment this year has left consumers with fewer dollars to spend and saddled businesses with dwindling revenue.

Economists expect the unemployment rate to edge up to 9.5 percent from 9.4 percent, while the number of layoffs is expected to slow to 225,000 from 247,000.

Ahead of the market's open, Dow Jones industrial average futures rose 21, or 0.2 percent, to 9,351. Standard & Poor's 500 index futures added 2.90, or 0.3 percent, to 1,004.60, while Nasdaq 100 index futures gained 7, or 0.4 percent, to 1,611.

Overseas, Japan's Nikkei stock average fell 0.3 percent, while Hong Kong's Hang Seng index jumped 2.8 percent. In late morning trading, Britain's FTSE 100 rose 0.9 percent, Germany's DAX index rose 0.8 percent, and France's CAC-40 added 0.5 percent.

Bond prices fell in early trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.38 percent from 3.35 percent late Thursday.

The dollar fell against other major currencies, while gold prices dipped after three days of gains.

Oil prices rose slightly, adding 38 cents to $68.34 a barrel in premarket trading on the New York Mercantile Exchange.

[Associated Press; By SARA LEPRO]

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