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U.S. Halts Global Stocks Drop on Job Data While Oil Jumps

U.S. stocks rose, halting a global slide, as reports signaling an improving job market overshadowed concern over political instability in Portugal and Egypt. Oil rallied above $100 a barrel as American stockpiles declined.

The Standard & Poor’s 500 Index closed 0.1 percent higher at 1,615.41 by 1 p.m. in New York, reversing a loss of as much as 0.6 percent. The MSCI All-Country World Index dropped 0.3 percent, paring a decline of as much as 0.8 percent. Portugal’s main equity gauge sank 5.3 percent, the most in three years, and 10-year bond yields rose as much as 139 basis points to 8.11 percent. Yields on U.S. Treasuries due in a decade reversed early declines to increase three basis points to 2.5 percent. West Texas Intermediate crude jumped 1.7 percent to $101.24 a barrel. The yen surged against 12 of 16 major peers.