U.S. Stocks Rise on Job-Market Strength; Oil Jumps, Dollar Falls
This article is for subscribers only.
U.S. stocks rose, rebounding from yesterday’s slump, as chipmakers rallied and signs of a strengthening job market bolstered optimism the economy can withstand a surge in energy costs. Treasuries and the dollar fell. Persian Gulf shares slid to the lowest level since July.
The Standard & Poor’s 500 Index rose 0.2 percent to 1,308.44 at 4 p.m. in New York after sinking 1.6 percent yesterday. Chipmakers led gains as JPMorgan Chase & Co. raised its recommendation on the industry. Oil climbed to a 29-month high of $102.23 a barrel amid concern unrest in the Middle East will disrupt supplies. Ten-year Treasury yields rose eight basis points to 3.48 percent and the Dollar Index lost 0.5 percent.