Dow futures surge 400 points after jobs report for June shows 4.8 million jobs added, unemployment falls to 11.1%

U.S. stock-index futures added to gains on Thursday after a closely followed report on the health of the labor market showed that the U.S. added 4.76 million jobs in June and the unemployment fell to 11.1% from 13.3% in May, suggesting that the employment picture is improving after a stunning collapse due to the COVID-19 pandemic. Economists polled by MarketWatch had predicted 3.7 million jobs were created or restored in June, with some estimates ranging as high as 8 million. Futures for the Dow Jones Industrial Average rose 438 points, or 1.7%, at 26,013 those for the S&P 500 index added 40.65 points, or 1.3% at 3,144, while Nasdaq-100 futures were 106.25 points, or 1%, higher at 10,375. Meanwhile, a separate report showed that Americans filed for 1.43 million new unemployment claims in the latest week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.