With the Greek bond swap deemed a success, and U.S. unemployment figures showing a steady unemployment rate of 8.3%, market futures were in positive territory.
Futures on the Dow Jones Industrial Average were up 22 points to 12,866. Futures also were in the green on the Standard & Poor’s 500, up 3.1 points to 1,363.70.
Greece said 83% of its bondholders agreed to a debt swap that reduced bond values by half, forcing all but 5% of bondholders to agree to the terms. The result means the euro zone is ready to provide more bailout money.
In the United States, a total of 227,000 net jobs were created in February, mostly in the private sector. Construction jobs fell by 13,000, despite warm weather. Revisions to the prior month’s data raised the level of jobs created by 61,000. Dan Greenhaus, chief global strategist at BTIG in New York, notes that:
“The size of the labor force rose considerably for the second consecutive month. As employment has risen over the same time frame while unemployment has generally fallen, the effect on the unemployment rate has been relatively muted. That is to say, the unemployment rate is holding steady even as the labor force grows. That is a good outcome.”
U.S. crude prices are up slightly, approaching $107 per barrel, while gold fell about $6 per ounce to $1,692.50.
In stock news, Bank of America (BAC) shares were up nearly 1% in premarket trading. The bank will avoid as much as $850 million in penalties as it makes deeper cuts in mortgages than other banks, according to a Wall Street Journal report. The details are part of a $25 billion government settlement with five large banks over alleged foreclosure abuses.
Shares of Ann Taylor (ANN) were up 2.7% in premarket trading despite a decline in fourth-quarter gross margins and earnings. The women’s clothing retailer reported same-store sales rose 5.3%.
