Another Late Run Lifts Stocks

"We had a rally, but the volume and breadth wasn't as robust as it usually is on down days," said Paul Nolte, director of investments with Hinsdale Associates. "There's a little buying ahead of what many think will be a decent jobs report. This may mean that people believe that the subprime borrowing issue is more contained than they previously thought."

Before the open, traders began digesting the latest round of economic data. The Labor Department said initial jobless claims rose by 4,000 last week to 307,000 claims. The less-volatile four-week moving average added 1,750 to 313,000 claims.

Also on the economic docket, the Census Bureau said factory orders for June increased 0.6%, compared to an expected 1% rise.

However, the latest U.S. nonfarm payrolls report was looming over Wall Street. The report, due at 8:30 a.m. EDT on Friday, is expected to reveal that the U.S. economy created roughly 135,000 jobs last month. The unemployment rate is expected to remain at 4.5%, and average hourly earnings should rise 0.3%.

Treasury prices gained ground. The 10-year note was up 9/32 in price, yielding 4.76%, and the 30-year bond added 13/32, yielding 4.90%.

Crude also moved higher, but remained below record levels. After setting a new intraday high of $78.77 a barrel before reversing sharply in the prior session, the September benchmark crude contract climbed 33 cents at $76.86 a barrel.

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