Stocks rise on better outlook for jobs, Europe

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Sept. 10 (Bloomberg) -- Bloomberg's Courtney Donohoe reports on the performance of the U.S. equity market today. Stocks advanced, with the Standard & Poor's 500 Index capping its first consecutive weekly gains since June, as higher-than-forecast wholesale inventories and surging imports of oil in China boosted optimism about the global economic recovery. (Source: Bloomberg)
Sunday, September 12, 2010

U.S. stocks rose last week, pushing the Standard & Poor's 500-stock index to its biggest two-week gain since June, as concern about Europe's sovereign debt crisis eased and U.S. jobs data came in better than forecast.

Demand for Portuguese and Polish debt rose, and U.S. jobless claims fell to the lowest point in almost two months.

General Electric, Pfizer and Alcoa advanced at least 2.7 percent, and Oracle jumped 9.3 percent, its best week since March 2009, after hiring former Hewlett-Packard chief executive Mark Hurd.

Moody's surged 7.8 percent after a Piper Jaffray analyst raised his recommendation on the shares.

The S&P 500 rose three of the four days that U.S. stock exchanges were open, ending the week at 1,109.55, or 0.5 percent higher. The benchmark index has rebounded 8.5 percent since falling to its 2010 low on July 2. Its 4.2 percent increase over the past two weeks is the biggest since June 18.

The Dow Jones industrial average gained 14.84 points, or 0.1 percent, to 10,462.77, after rising 2.9 percent the previous week.

"The macro data has been coming in better than the market was expecting a few months ago," said Noman Ali, part of a group that manages $3 billion of U.S. stocks at MFC Global Investment Management in Toronto. "We expect the market to continue to move higher by the end of the year."

The Treasury will sell $29 billion in three-month and six-month bills Monday. They yielded 0.14 percent and 0.18 percent, respectively, in when-issued trading.

-- Bloomberg News


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