This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Stocks Finish Higher on Jobs Data, China Stimulus Hopes


NEW YORK (TheStreet) -- The major U.S. stock averages surged Thursday, getting a lift from an encouraging snapshot of labor market conditions and expectations for stimulus from China.

Investors were also provided the outline of Spain's stringent 2013 budget plan, which will focus heavily on spending reductions and is viewed as a precursor to a formal request by the country for international aid.

These factors were offsetting a downward revision in second-quarter gross domestic product and a sharp drop in durable goods orders in August.

The Dow Jones Industrial Average rose more than 72 points, or 0.54%, to close at 13,486. The blue-chip index, which had fallen in the past four sessions, began the day up a little less than 10% so far this year.

Breadth within the Dow was positive with winners ahead of losers, 23 to 6 and Procter & Gamble (PG) finishing flat. The biggest gainers were Bank of America (BAC), General Electric (GE), and Intel (INTC).

Hewlett-Packard (HPQ) shares were up incrementally, recovering from early losses after Jefferies slashed its view of the PC giant to underperform from hold and cut its price target to $14 from $17.

Dow laggards included Wal-Mart (WMT), United Technologies (UTX), and AT&T (T).

The S&P 500 traded up nearly 14 points, or 0.96%, to settle at 1447, while the Nasdaq gained 43 points, or 1.39%, to finish at 3137.

The broad market was entirely in the green, led by strength in the basic materials, consumer cyclical, technology, energy and financial sectors. Advancers outpaced decliners by a ratio of 3-to-1 on the New York Stock Exchange and 2.7-to-1 on the Nasdaq.

Volume totaled 3.13 billion on the Big Board and 1.69 billion on the Nasdaq.

The FTSE 100 in London closed up 0.20% and the DAX in Germany closed up 0.19% Thursday. Spanish borrowing costs cooled as the country's government announced a 2013 budget plan that would reduce ministries' budgets by 8.9% and said that it was certain its 6.3% deficit target for 2012 would be achieved.

Also, Greek coalition partners have agreed on most of the budget cuts needed to obtain additional help.

Meantime, speculation that the China's securities regulator plans to reveal market-boosting plans sent Asian markets higher. Hong Kong's Hang Seng Index finished up 1.14% while the Nikkei Average in Japan closed up 0.48%.

Stock quotes in this article: ^DJI, ^GSPC, ^IXIC, RIMM, DG, GT, DFS, TPX, ZZ, HPQ, THO, MKC 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,507.72 +6.07 0.04%
S&P 500 1,879.70 +4.31 0.23%
NASDAQ 4,150.8840 +23.9170 0.58%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs