US Stock Futures Rise





U.S. stock futures climbed higher Friday morning after the government reported the U.S. economy shed fewer jobs than expected in February and the unemployment rate was steady at 9.7%.

Following the report, Dow Jones Industrial Average futures were up 59 points at 10490 while Standard & Poor's 500 futures rose 8 points and Nasdaq Composite futures climbed 11 points. Prior to the data, Dow futures had been up about 25 points, while S&P 500 futures were up 4 points and Nasdaq futures were up 5 points.

The Labor Department said Friday that nonfarm payrolls fell by 36,000 compared with a revised 26,000 drop in January. Economists polled by Dow Jones Newswires were expecting payrolls to fall by 75,000 mainly because of the severe weather. The January figure was revised from an originally reported 20,000 decline.

The unemployment rate remained at 9.7% last month. Economists had forecast the jobless rate would edge higher to 9.8%.

The better-than-expected jobs data came despite stormy weather on the East Coast last month which the government said may have temporarily hit payrolls and work hours.

Also in focus Friday morning, a report from the Nikkei newspaper said the Bank of Japan may take further easing measures, news that sent the Nikkei 225 up over 2% in Tokyo and lifted the dollar against the Japanese yen.

The dollar also strengthened against the euro while Treasurys edged lower, with the 10-year note off 5/32 to yield 3.625%. Crude-oil futures rose, as did gold futures.

Among stocks in focus, communications chip maker Marvell Technology Group fell 2.6% premarket despite reporting a fourth-quarter profit rise and first-quarter guidance that beat analyst estimates.

InterMune surged 80% premarket after the company said U.S. government regulators will review the new drug application for its pirfenidone idiopathic pulmonary fibrosis treatment next week.

Still to come are data on consumer credit, due at 3 p.m. EST.