U.S. Stocks Rise on Jobless Claims Drop as Europe Concern Eases
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U.S. stocks advanced, rebounding from yesterday’s tumble, as jobless claims declined while a retreat in Italian bond yields and the selection of a new Greek premier tempered concern about Europe’s debt crisis.
Energy shares had the biggest gain in the Standard & Poor’s 500 Index among 10 groups, rising 1.8 percent as oil rallied. Cisco Systems Inc., the largest maker of networking equipment, climbed 5.7 percent as profit and sales beat estimates. Merck & Co. jumped 3.5 percent after raising its dividend. Apple Inc. slumped 2.6 percent amid concern that the company may ship fewer units of its iPad tablet this year due to supply constraints.