March 6 (Bloomberg) -- U.S. stocks rose, led by banks and energy shares, as forecasts that General Electric Co. has enough capital and oil’s surge sent the Dow Jones Industrial Average up more than 150 points in the final 35 minutes of trading.
GE jumped 6 percent, halting a five-day retreat, as analysts at Sanford C. Bernstein & Co. and Merrill Lynch & Co. said the finance unit has adequate funding. Chevron Corp. and Exxon Mobil Corp. advanced 2.9 percent as oil reached $46.30 a barrel. The Dow erased a 124-point drop that followed a morning rally spurred by a slower rate of job cuts in February.
“Every day you come in and get beaten down,” said Michael Nasto, the senior trader at U.S. Global Investors Inc., which manages $2 billion in San Antonio. “It’s just been brutal. The fact that we ended on a positive note, I’ll take it.”
The Dow average increased 32.50 points, or 0.5 percent, to 6,626.94 at 4 p.m. in New York after sinking as low as 6,469.95. The Standard & Poor’s 500 Index added 0.1 percent to 683.38, rebounding from a 2.3 percent decline.
For the week, the Dow average lost 6.2 percent, matching its worst retreat since October, while the S&P 500’s 7 percent drop was the steepest in 14 weeks. GE slid 17 percent on concern losses are growing at its finance unit, which makes up about 37 percent of its revenue, according to data compiled by Bloomberg. more...
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