NEW YORK (Reuters) - The Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data on the job market and regional manufacturing revived hopes that the recession-hit economy is stabilizing.
After gaining as much as 40 percent from a 12-year closing low in early March, the S&P 500 has eased as investors reassessed the potential strength of an economic recovery. The day's data revived optimism, but analysts said real improvement is needed to sustain the rally.
Financials supported the stock market after being among the week's biggest drags. Discover Financial Services (DFS.N) gained 4 percent to $9.27 after it reported a smaller-than-expected operating loss as bad loans grew less than anticipated.
Lincoln National (LNC.N) rose 6.9 percent to $15.92 after an upgrade from Credit Suisse, and the KBW insurance index .KIX rose 1.8 percent. The S&P financial index .GSPF gained 2.5 percent.
Data showed the number of people staying on jobless benefits fell for the first time since January, while manufacturing in the U.S. Mid-Atlantic region contracted much less than expected in June.
"The data supports the case of those looking for the bottom of the economy in this quarter," said Jim Awad, managing director at Zephyr Management in New York.
The Dow Jones industrial average .DJI rose 58.42 points, or 0.69 percent, to 8,555.60. The Standard & Poor's 500 Index .SPX gained 7.66 points, or 0.84 percent, to 918.37. The Nasdaq Composite Index .IXIC was off just 0.34 of a point, or 0.02 percent, at 1,807.72. more...
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