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Date Posted: 15:59:02 03/14/13 Thu
Author: S&P 500 nears all-time high, after upbeat labor market data (November 1996)
Subject: U.S. Stocks Rise Amid Labor-Market Data; S&P 500 Nears Record Thursday 14/3/2013

U.S. Stocks Rise Amid Labor-Market Data; S&P 500 Nears Record
15/03/2013 7:20AM

--S&P 500 nears all-time high, after upbeat labor market data

--Dow up for 10th-straight session

--Energy sector rallies alongside natural-gas prices


By Matt Jarzemsky

The Standard & Poor's 500-stock index rose to within a hair of its all-time closing high, as a rally in natural-gas prices buoyed resource firms and a measure of layoffs unexpectedly fell.

The S&P 500 added 8.71 points, or 0.6%, to 1563.23, shy of its record 1565.15, set in October 2007.

The Dow Jones Industrial Average advanced 83.86 points, or 0.6%, to 14539.14. The blue-chip benchmark has risen for 10 straight sessions, its longest such streak of gains since November 1996. The Nasdaq Composite Index tacked on 13.81 points, or 0.4%, to 3258.93.

Energy shares led gains across all 10 of the S&P 500's sectors as a government report showed thinning natural-gas inventories, sending gas futures prices to a nearly four-month high. WPX Energy, a gas producer in Pennsylvania and the Rocky Mountain region, climbed 4.9%. Cabot Oil & Gas added 3.8% and Exco Resources jumped 9%.

Apple rose 1% as an analyst at BTIG raised his rating on the stock to "buy" from "neutral."

The number of U.S. workers filing new applications for jobless benefits fell to 332,000 last week, the Labor Department reported, bucking economists' projection for an increase.

"The data have been good enough to not make people deviate from bullish positions," said Seth Setrakian, co-head of equity trading at First New York Securities. "But it hasn't been too good to shock people into thinking that the Fed is going to pull back or raise interest rates."

U.S. wholesale prices rose in February as gasoline prices surged. The producer-price index for February rose in line with expectations, according to the Labor Department. The increase excluding food and energy was slightly higher than expected.

The U.S. current account deficit contracted slightly in the fourth quarter of 2012 from the prior three months. A larger income surplus offset an expanding trade gap.

European markets were broadly higher. The Stoxx Europe 600 index rose 1.1% to its highest level since June 2008, as a Spanish government-bond auction and dovish comments from a European Central Bank official helped offset weak employment data. Spain's IBEX 35 index gained 1.9%.

Asian markets moved mostly higher. Weakness in the yen helped boost Japanese stocks, and China snapped a five-session losing streak. Japan's Nikkei Stock Average climbed 1.2% to close at a 4 1/2-year high on gains by exporters. China's Shanghai Composite Index rose 0.3% after shedding 3.5% over the past week because of worries about the government's efforts to curb property prices.

Natural-gas prices jumped 3.6%, to settle at $3.8120 a million British thermal units, after the Energy Information Administration said inventories fell more than expected last week. Crude-oil prices rose 0.6% to settle at $93.03 a barrel, while gold edged up 0.1% to settle at $1,590.60 a troy ounce. The dollar rose against the yen but fell versus the euro. The yield on the 10-year Treasury note rose to 2.030% as prices fell.

EBay rose 1.6% as Evercore analysts raised their rating on the online-marketplace operator to "overweight" from "equalweight," saying concerns about a new MasterCard fee are overblown.

E*Trade Financial slumped 8.2%, the biggest decline among S&P 500 components. The online broker said its largest shareholder, hedge-fund firm Citadel, is selling its entire stake in the company.

Men's Wearhouse rallied 19% after boosting its stock-buyback program and saying it had hired advisers to explore "strategic alternatives" for its K&G chain.

Vera Bradley slumped 9.2% after the handbag designer gave a downbeat earnings and revenue forecast.


Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com


(END) Dow Jones Newswires

March 14, 2013 16:20 ET (20:20 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

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