U.S. Stocks Rise Most in Two Weeks on Jobless Claims, Buybacks

Bloomberg (2/11) -- U.S. stocks rose the most in almost two weeks after data showed improvement in the job market and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd. said they would repurchase shares.

Union Pacific, Johnson Controls and Ace advanced at least 1.4 percent. Micron Technology Inc. rallied 5.9 percent, the most in the Standard & Poor’s 500 Index, as David Einhorn, president of Greenlight Capital Inc., recommended the shares. General Motors Co. gained 1.4 percent after the U.S. Treasury Department said it plans to sell its remaining stake in the company. Target Corp. lost 2.9 percent after reporting profit that trailed analysts’ estimates on a loss in its Canadian unit. The S&P 500 increased 0.9 percent to 1,796.79 at 3:23 p.m. in New York, poised for the biggest advance since Nov. 8. The rally erased most of the decline from the past three days. The Dow Jones Industrial Average rose 108.68 points, or 0.7 percent, to 16,009.50. Trading in S&P 500 shares was in line with the 30-day average at this time of day. Investors are pouring more money into stock mutual funds in the U.S. than they have in 13 years, attracted by a market near record highs and stung by bond losses that would deepen if interest rates keep rising. Stock funds won $172 billion in the year’s first 10 months, the largest amount since they got $272 billion in all of 2000, according to Morningstar Inc. estimates.