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U.S. stocks may see initial strength on optimistic vacancy data

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After a lower opening was pointed out this morning, US stock futures became positive after the release of optimistic job data. Futures are now pointing to a modestly higher openness for marketsS&P 500 futures rose 0.2 percent.

Interest in early purchases may be sparked in response to a closely monitored Labor Ministry report showing larger-than-expected job growth in April.

The report shows that non-agricultural employment rose 428,000 jobs in April, in line with the revised jump seen in March.

Economists expected employment to grow by 391,000 jobs compared to 431,000 jobs originally reported the previous month.

Meanwhile, the Ministry of Labor said the unemployment rate remained unchanged at 3.6 percent against expectations that the rate would drop to 3.5 percent.

More than expected, increased employment can still inspire optimism savings will be able to withstand a series of interest rate hikes planned by the Federal Reserve.

Some traders may also be looking for stocks at a lower level after the sharp rollback seen in the previous session.

After trading on Wednesday’s rally, Thursday’s shares showed a significant move back down. Major averages more than offset the gain on Wednesday, and the Nasdaq technology fell to its lowest closing level in more than a year.

Major averages rose from their worst levels on the last day of trading, but still posted sharp losses. The Dow was down 1063.09 points or 3.1 percent to 32,997.97, the Nasdaq was down 647.16 points or 5 percent to 12,317.69, and the S&P 500 was down 153.30 points, or 3.6 percent, to 4,8714 points.

In overseas trading, stock markets in the Asia-Pacific region largely declined during trading on Friday. China’s Shanghai Composite Index fell 2.2 percent and Hong Kong’s Hang Seng index fell 3.8 percent, although Japan’s Nikkei 225 index stopped the uptrend and rose 0.7 percent.

Major European markets also went down this day. While the German DAX index fell 1.2 percent, the British FTSE 100 index and the French CAC 40 index fell 0.9 percent.

Crude oil futures jumped $ 1.39 to $ 109.65 a barrel after rising $ 0.45 to $ 108.26 a barrel on Thursday. Meanwhile, after rising 6.90 to $ 1,875.70 an ounce in the previous session, gold futures are up 11 to $ 1,886.70 an ounce.

On the currency front, the U.S. dollar traded at 130.39 yen against the 130.20 yen it gained at the close of trading in New York on Thursday. Against the euro, the dollar is estimated at 1.0578 dollars against yesterday’s 1.0542 dollars.

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