Feb. 5 (Bloomberg) -- U.S. stocks rose, pushing the Standard & Poor’s 500 Index up the most in a week, after MasterCard Inc.’s profit topped estimates and an analyst said Goldman Sachs Group Inc. and Morgan Stanley are healthy enough to repay rescue funds.
The S&P 500 rose 1.6 percent to 845.85. The index lost as much as 1.5 percent in early trading after initial jobless claims unexpectedly jumped to a 26-year high. The Dow Jones Industrial Average climbed 106.41 points, or 1.3 percent, to 8,063.07. The Russell 2000 Index climbed 1.5 percent.
“Stocks are holding more firmly against bad news,” said Robert Schaeffer, a portfolio manager at Becker Capital Management Inc., which oversees $1.6 billion in Portland, Oregon. “We may be beginning to see a change in psychology.”
Still Living’
“Sooner or later somebody has to buy something because people are still living, eating, driving and heating their homes,” said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors, which manages $2.1 billion in Rochester, New York. “There may be a recovery ahead of us as orders begin to match rates of end demand.”
Retail Rally
Wal-Mart, Target, Macy’s Inc. and Limited Brands Inc. each climbed at least 3 percent after reporting January sales that exceeded estimates as retailers offered discounts to lure U.S. consumers during the longest recession in a quarter-century.
Stocks fell at the open after the Labor Department said the number of Americans filing first-time claims for unemployment insurance benefits increased more than forecast to 626,000 last week, the highest total since October 1982. Data to be released tomorrow is forecast to show economy-wide job losses of 540,000, adding to almost 2.6 million lost last year.
“There’s no evidence that things are getting better, on the other hand there’s no evidence that we’re sinking into a black hole,” Kevin Rendino, who manages $11 billion at BlackRock Inc., said on Bloomberg Television. “If you’re looking for the market to bottom, it’s not going to be the day that unemployment peaks.”
To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net.
Last Updated: February 5, 2009 16:50 EST
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