From Bloomberg:
U.S. stocks jumped, reversing an early slide, as Hartford Financial Services Group Inc. led a rally in insurers after increasing its profit forecast and saying it’s weathering the credit crisis.
Hartford, which tumbled 92 percent in 2008 before today, doubled and all 21 insurance companies in the Standard & Poor’s 500 Index advanced. Prudential Financial Inc. and MetLife Inc. climbed at least 22 percent as UBS AG said they may benefit from potential regulatory changes. The gains helped the market overcome a morning tumble spurred by government data showing the nation lost the most jobs in 34 years last month as the recession deepened.
“The bad news is out; people know the economy’s lousy,” said Barry James, president of James Investment Research in Xenia, Ohio, which oversees $2 billion. “The market is so oversold that we’re entering into what I’d call a bear-market rally.”
The S&P 500 rose 3.7 percent to 876.07 after retreating 3.2 percent earlier. All 10 industry groups advanced as the benchmark index for U.S. stocks pared losses in its fourth weekly retreat since October. The Russell 2000 Index of small U.S. companies climbed 4.9 percent to 461.09. The Dow Jones Industrial Averageadded 259.18 points, or 3.1 percent, to 8,635.42.
Plus:
533,000 jobs were lost last month, 1.91 million for the year, and unemployment is at 6.7%.
Happy Friday.
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