U.S. stocks rose, with the S&P 500 capping its first three-day rally since April, as a drop in jobless claims and higher-than-forecast sales at some retailers bolstered confidence in the economy.
Initial claims for jobless benefits fell by 21,000, more than double what some economists had forecast.
“There’s evidence that the global economy continues to recover. In the U.S., some retailers are doing well. Valuations are reasonable. The stock market may have found a short-term bottom,” one investor told the San Francisco Chronicle.
(READ more in the SF Chronicle)