Saturday, November 10, 2012

Greek Austerity Deal, Good Jobs News Sends Futures Higher

Stock futures had been trading in negative territory early this morning, but two key pieces of news that came in around 8:30 a.m. reversed the momentum. The government announced that jobless claims fell by 15,000 last week to 358,000, another strong reading. And Greek leaders came to a deal on austerity measures, at least in principal, that could keep the country from defaulting on loans that come due next month.

Dow futures rose 11 points to 12,854; S&P 500 futures rose 1.7 points to 1,348.7.

Pepsico (PEP) fell 2.6% after releasing disappointing earnings projections. Groupon (GRPN) fell 11% after posting an unexpected loss. Diamond Foods (DMND) plunged 40% after the company’s audit revealed problems, and the board removed the CEO and CFO. Visa (V) rose 3.9% after beating earnings expectations.

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