Futures Pointing To Early Strength On Wall Street

(RTTNews) - Following the pullback seen over the two previous sessions, stocks may move back to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 147 points.

Stocks may benefit from bargain hunting on the heels of the steep drop seen on Tuesday, which reflected ongoing concerns about the global economy.

The futures saw continued strength following the release of payroll processor ADP's report on private sector employment in the month of August.

The report showed a notable increase in private sector employment during the month, although the pace of job growth fell short of economist estimates.

ADP said private sector employment climbed by 190,000 jobs in August following a downwardly revised increase of 177,000 jobs in July.

Economists had expected employment to jump by about 210,000 jobs compared to the increase of 185,000 jobs originally reported for the previous month.

A separate report from the Labor Department showed that labor productivity jumped by much more than previously estimated in the second quarter.