This morning's jobless data shows the unemployment rate jumped to an 8-year high of 6% in April, despite the labor market adding jobs for the first time in nine months. The Labor Department reported that U.S. businesses added 43,000 workers to non-farm payrolls in April, reversing March's 21,000 cuts. Economists had expected the economy to add 55,000 jobs in April.
Economists were also looking for the jobless rate to rise from 5.7% to 5.8% in April and the reported 6% rate looks to be a bit of a disappointment as the 6% jobless rate jumped to its highest level since August 1994.
Stock futures were trading fractionally higher before today's jobless data was reported, but have since edged lower. S&P futures currently trade down 0.40 points at 1,084.20, NASDAQ futures are down 0.50 points at 1,228.50 and Dow futures are off 15.0 points at 10,075.
Fair value for the S&P 500 today is $0.70. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.62 and set for selling at $-0.88. Fair value for the NASDAQ-100 today is $3.81.
First Tennessee National to replace Compaq in S&P500
Standard & Poor's said First Tennessee (NYSE:FTN), up $2.16 at $40.70 over the Redibook ECN, would replace Compaq in the S&P 500 Index. Constellation, up $1.26 at $62.50, will take First Tennessee's place in the S&P 400 MidCap Index; and AmeriPath (NASDAQ:PATH), up $2.10 at $29.25, will replace Constellation in the S&P 600 SmallCap Index.