S&P 500, Nasdaq and Dow futures are all up modestly after a stronger than expected U.S. jobs report and an announcement by the European Central Bank that it would cut its benchmark rate.
The number of U.S. workers filing new applications for unemployment benefits fell by 23,000 to a seasonally adjusted 381,000 in the week ended Dec. 3, exceeding economist forecasts of 395,000. This represents the lowest level in nine months.
European markets were mostly higher after the ECB said it would cut its benchmark rate to a historic low of 1% from a previous 1.25%. European leaders are set to meet later today for the beginning of a summit to determine the future of the euro zone.
In stocks, McDonald’s (MCD) is up nearly 1% after a better-than-expected same-store sales report, while Costco (COST) is down 4% as earnings failed to rise in line with sales. Pork-producer Smithfield Foods (SFD) is up 1.3% after earnings beat expectations.
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