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Business Title: U.S. Stocks Climb as Job Losses Trail Estimates; Metals Rise By Craig Trudell March 5 (Bloomberg) -- The Standard & Poor’s 500 Index gained for a sixth day after a smaller-than-estimated loss of jobs boosted confidence the economic recovery is strengthening. American Express Co and Boeing Co. climbed at least 3.4 percent to help lead gains after the Labor Department said payrolls dropped by 36,000 last month, compared with a decrease of 68,000 estimated in a Bloomberg survey of economists. Alcoa Inc. climbed the third-most in the Dow Jones Industrial Average as metal prices increased. All 40 companies in the S&P 500 Energy Index gained as oil surged to a seven-week high. “The underlying job market is getting healthier, and the stage is set to get some solid months of gains,” said John Canally, a Boston-based economist at LPL Financial, which oversees $279 billion in assets. “This will help the market wrap its head around the idea we’re in a more clearly improving economy that’s self-sustaining.” The S&P 500 rose 1.4 percent to 1,138.70 at 4:08 p.m. in New York. The Dow Jones Industrial Average climbed 122.06 points, or 1.2 percent, to 10,566.20. The benchmark index for U.S. stocks has rallied 67 percent from a 12-year low almost a year ago as the economy returned to growth following a yearlong contraction. The gains were led by a 140 percent rally in financial shares, while consumer- discretionary and industrial companies have almost doubled. The advance trimmed to 28 percent the S&P 500’s drop from a 2007 record. More than eight stocks rose for one that fell after the jobless rate in the U.S. held at 9.7 percent in February, figures from the Labor Department in Washington showed today. The economic expansion that began last year has yet to generate sustained gains in employment, raising the risk that the recovery will cool as households keep a lid on spending. ‘Right Direction’ “The numbers are moving in the right direction,” said Chris Hensen, part of a group that manages $3 billion in U.S. equities at MFC Global Investment Management in Toronto. “The market is actually looking through the employment situation and saying, ‘We know this is going to get better over time.’” Two regional Federal Reserve Bank presidents said before today’s jobs report they believe the central bank should keep rates low until the recovery picks up. Chicago Fed President Charles Evans said yesterday he needs evidence of “highly sustainable” growth before supporting tighter monetary policy, while James Bullard of the St. Louis Fed said the central bank should remain “accommodative.” The job market is “still facing stresses, though these stresses are easing,” said Alan Krueger, assistant Treasury secretary for economic policy. Financials Rise JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. each jumped at least 1.8 percent as financial companies to the highest increase among 10 major industries. Borrowing by U.S. consumers unexpectedly rose in January for the first time in a year, the Federal Reserve said today in Washington. American International Group Inc. climbed 5.1 percent after saying it will sell its remaining stake in Transatlantic Holdings Inc. in a public offering after the reinsurer’s fourth- quarter profit surged. Freeport-McMoRan, the world’s largest publicly traded copper producer, gained 2.4 percent to $80.71. Alcoa climbed 3.1 percent to $13.84. Copper advanced as China said it will increase state reserves and stockpiles fell, easing concerns that supply may outpace demand. Lead, nickel and tin prices also rose on the London Metals Exchange. Coal producers rallied after the Financial Times reported Essar Group has agreed to acquire Trinity Coal for $550 million to $600 million from Denham Capital Management LP. The potential transaction will spark investment interest in the group, FBR Capital Markets wrote in a note to clients. Massey Energy Co. climbed 6 percent to $49.32. Patriot Coal Corp. surged 14 percent to $21.67. James River Coal Co. advanced 9.8 percent to $18.54. TiVo Inc. advanced 5.9 percent to a 10-year high. JPMorgan advised buying the shares, citing a ruling in favor of the company yesterday in a patent infringement case. CF Industries Bid CF Industries Holdings Inc. lost 3.2 percent after saying it was offering $37.15 in cash and 0.0953 share for each share of Terra Industries Inc., calling its bid superior to one by Yara International ASA. Dean Foods Co. climbed 6.2 percent, the most in a year, to $16 and trading of options to purchase shares surged to an eight-year high. The advance was fueled by speculation that Groupe Danone SA may bid the company, said Eric Scher, an analyst at Sanford C. Bernstein & Co. in New York. A buyout by Danone is unlikely, he said. Barry Sievert, a Dean Foods spokesman, didn’t immediately return a call for comment. Nuance Communications Inc. jumped 6.7 percent, the most in three months, to $15.87 on speculation it will be acquired. Nuance, which has boosted sales for at least four straight years, is an attractive target for an acquisition, said UBS AG analyst Brent Thill. Richard Mack, a Nuance spokesman, said the company doesn’t comment on rumors or speculation. Tyson Foods Inc. slipped 1.5 percent. BB&T Corp. cut its rating on the meat producer to “hold” from “buy” after the shares rose 43 percent this year through yesterday’s close. Midcap Streak Ciena Corp. surged 15 percent after Cowen & Co. upgraded the shares. The maker of fiber-optic gear was the biggest gainer in the S&P’s Midcap 400 Index, which extended its winning streak to eight days, the longest since Sept. 16. Chesapeake Utilities Corp. rose 1.8 percent to $31.44, the highest level in six weeks, after reporting fourth-quarter profit that beat analysts’ estimates. Of the 469 companies that reported earnings since Jan. 11, 75 percent have beaten expectations, helping fuel a 6.3 percent rebound in the S&P 500 from this year’s low last month.
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#1. To: Boofer (#0)
PHEW!!!! (right Boof?)
Day 12 of Packrat refusing to register here. Day 10 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Obviously the Bush Recovery is kicking in. Someone alert happy fun balls.
Ha... Ol Boof...altruist that he is...was worried to the point of up all night pacing over all those Seniors and about to be retirees who are all heavily invested in the stock market...
Day 12 of Packrat refusing to register here. Day 10 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
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