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US STOCKS-Wall St set to open up after jobs data

Thu Jul 3, 2008 6:49pm IST
 
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* Wall St poised for higher open after payrolls report

* Oil sets record above $145 a barrel

* Nvidia lowers forecasts, seen weighing on techs

* ISM services data on tap (Adds Aetna, updates Nvidia, other prices)

By Walker Simon

NEW YORK, July 3 (Reuters) - Wall Street was poised to start higher on Thursday after the government reported job losses last month in line with expectations, easing fears the economy was much closer to a recession.

U.S. oil futures CLc1 nearly erased gains of more than $2 a barrel to trade at $143.88 a barrel before the long holiday weekend marking U.S. Independence Day on Friday. Earlier oil climbed to a record $145.85.

The Labor Department said U.S. employers cut 62,000 workers from their payrolls in June for the sixth straight monthly decline, the United States' longest string of declines since 2002. The unemployment rate held steady at 5.5 percent.

"There were fears that that number would be 100,000-plus jobs lost. Seeing as that hasn't happened, we should see an up-tick here," said Jon Forelli, portfolio manager at Independence Investments LLC in Boston.  Continued...

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Commodities

Commodity Last Pct Chg Trade Date/Time
Oil 81.06 +2.28% 10/14 12:42 IST
Gold 848.0 +0.65% 10/14 12:53 IST