(Bloomberg) U.S. stocks rallied, sending the Standard & Poor’s 500 Index to the highest level since May, after a report showed payrolls climbed more than forecast even as the jobless rate unexpectedly rose to a five-month high.
Bank of America Corp., Alcoa Inc. (AA) and Caterpillar Inc. (CAT) increased at least 2.2 percent. Knight Capital Group Inc. (KCG) surged 57 percent, after tumbling 75 percent in two days, as the firm is said to have told brokers it got financing to fund market making. Kraft Foods Inc. (KFT) and Procter & Gamble Co. (PG) advanced more than 3.1 percent on better-than-estimated quarterly earnings.
About nine stocks gained for every two that fell on U.S. exchanges at 4 p.m. in New York. The S&P 500 rose 1.9 percent to 1,390.99, after falling 1.5 percent in four days. It rose a fourth week, the longest streak since March. (SPX) The Dow Jones Industrial Average added 217.29 points, or 1.7 percent, to 13,096.17. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, or about in line with the three-month average.