Stocks rally on Spain and U.S. jobs picture Anal

Stocks rally on Spain and U.S. jobs picture
Analyst: Spain’s austerity bad for Europe, but not alarming for U.S.
NEW YORK (MarketWatch) — U.S. stocks rose sharply Thursday, with the S&P 500 index rebounding after a five-session losing spell, after Spain detailed an austerity plan that focuses on spending cuts instead of tax increases and stronger-than-expected data on the U.S. jobs market.
“Looks like we have bias to the upside, and this, starting on a day when we had riots and fires in Spain and Greece, then lo and behold, Spain perseveres and the market loves it,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.

The jobs data was “a nice little boost, but it was more the developments in Spain that got the market moving, the austerity measures they are proposing are more stringent that what the EU {European Union] was initially looking for,” said Ablin.

Dialing back from a 109-point advance, the Dow Jones Industrial Average (DJI JIA) ended up 72.46 points, or 0.5%, to 13,485.97, with 23 of its 30 components advancing.

Snapping its longest loss streak since July, the S&P 500 (SNC:SPX) added 13.83 points, or 1%, to 1,447.15, with technology, energy and financials leading gains that included all but utilities of its 10 major sectors.

Both the Dow and S&P 500 had their best session since the Federal Reserve two weeks ago said it would engage in a third round of quantitative easing, this time with monthly purchases of mortgage-backed securities. the Dow is up 4.7% for the nearly ended quarter; the S&P 500 is ahead 6.2%.

The Nasdaq Composite (NASDAQ:COMP) climbed 42.90 points, or 1.4%, to 3,136.60, leaving it up 6.9% for the third quarter, with one trading session remaining.

For every stock sliding more than three gained on the New York Stock Exchange, where 634 million shares traded. Composite volume topped 3.1 billion. http://www.marketwatch.com/story/us-stocks-ri...2012-09-27