* Apple to unveil new iPad tablet
* Private sector seen adding 208,000 jobs
* Futures up: S&P 5.8 pts, Dow 55 pts, Nasdaq 12.25 pts
By Edward Krudy
NEW YORK, March 7 U.S. stock index futures
rose on Wednesday, a day after Wall Street suffered its worst
selloff in three months and ahead of a private employment report
expected to show the U.S. economy added jobs in February.
In Tuesday's tumble, the Dow dropped 200 points on renewed
concerns about Greece's debt restructuring and the outlook for
the global economy after China cut its growth forecast. It was
one of the worst performances since equities began a more than
20 percent rise from lows in October.
The release of Automatic Data Processing's (ADP) employment
report for February, coming at 8:15 a.m. EST (1315 GMT) and
before Friday's payrolls data, will be an important test for a
market grown accustomed to signs of an improving labor market.
Economists expect that 208,000 private sector jobs were created
in February, versus 170,000 new jobs in January.
"The market has been straight up and it needed some
profit-taking to generate interest among investor who have been
on the sidelines to come back into this rally," said Rick
Meckler, president of LibertyView Capital Management in New
"I would expect to see some rally back today as investors
position themselves for Friday," he said.
Early indications in premarket trade showed
materials-related and banking stocks, which took the brunt of
Tuesday's losses, would gain back some losses. Bank of America
Corp rose 1.4 percent to $7.82. Newmont Mining Corp
gained 0.8 percent to $57.61.
S&P 500 futures gained 4.8 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures were up 55
points, and Nasdaq 100 futures added 10.5 points.
Apple Inc shares rose 0.7 percent to $533.90. The
company will unveil a faster and better-equipped iPad tablet
computer, intended to thwart competition from rivals such as
Samsung Electronics Co and Amazon.com Inc.
"The Apple introduction will be very meaningful for the
market if they really can show some true innovation in the
product. It could give a nice push to technology stocks across
the board," said LibertyView's Meckler. "If the introduction is
weak and shows no real interest it could lead to some selloff
Thirty major holders of Greek government bonds said on
Wednesday they will take part in the country's debt swap,
increasing chances of a deal going through.
Samsung Electronics Co filed another lawsuit
against Apple in South Korea, claiming the iPhone 4S and iPad2
infringed on three of its patents.
The Labor Department issues its revised fourth-quarter
productivity and unit labor costs at 8:30 a.m. EST (1330 GMT).
Economists forecast productivity to rise 0.8 percent versus a
0.7 percent gain in the preliminary report. Unit labor costs
were set to increase 1.2 percent, a repeat of the preliminary
The U.S. Federal Reserve issues January consumer credit data
at 3 p.m. EST (2000 GMT). Economists forecast consumer credit to
rise $10.0 billion versus a $19.31 billion increase in December.
European shares rose 0.4 percent on Wednesday as the
previous session's steep selloff tempting back investors.