U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level in two weeks, on better-than-estimated labor data as investors watched political developments in Egypt and Portugal.
The S&P 500 (SPX)rose 0.1 percent to 1,615.41, the highest since June 19. The Dow Jones Industrial Average added 56.14 points, or 0.4 percent, to 14,988.55.
Jobless claims decreased to 343,000 in the week ended June 29 from a revised 348,000, Separate reports showed companies boosted employment by 188,000 workers in June.
President Morsi in Egypt has stepped down, bringing good news to the Egyptian people
In Portugal Prime Minister Pedro Passos Coelho told voters in a televised speech from Lisbon yesterday that he’s trying to hold his government together after Foreign Affairs Minister Paulo Portas, leader of junior coalition party CDS, quit.
he S&P 500 advanced as technology and consumer-discretionary stocks rose more than 0.5 percent. International Business Machines Corp. added 0.9 percent to $193.25 and Cisco Systems Inc. gained 1.1 percent to $24.59.
Financial companies slid 0.3 percent, the most among 10 S&P 500 groupsbanks tumbled after S&P downgraded the credit ratings of Barclays Plc, Deutsche Bank AG and Credit Suisse Group AG, saying new rules and “uncertain market conditions” threaten their business.