Wall Street to open higher after payrolls data
NEW YORK (REUTERS) - Wall Street stocks were poised for a strong open on Friday after United States (US) employers hired more workers than expected in July, putting the S&P 500 on track to snap a four-day losing streak.
Data showed employers in July hired 163,000 workers, the most in five months and above expectations calling for an increase of 100,000 jobs. But an increase in the jobless rate to 8.3 per cent clouds the picture of what the Federal Reserve will do about additional monetary stimulus.
"After everything that has been going on with Europe and central banker disappointment the markets were priced for disappointment and anything above a disappointment would get a positive response - but this number isn't good enough to fix the economic problem that we are in," said Mr Ron Florance, managing director of investment strategy for Wells Fargo Private Bank based in Scottsdale, Arizona.
"You'll need an excuse to fall off the top of trading range and bounce off the bottom - it's a nice way to end a week of turmoil."