U.S. stocks rose, rebounding from the biggest selloff in more than a month for the Standard & Poor’s 500 Index, as central banks’ pledges on stimulus efforts overshadowed a rise in American jobless claims.
McDonald’s Corp. and Hewlett-Packard Co. added more than 1.4 percent to pace advances in the Dow Jones Industrial Average. Best Buy Co. rose 16 percent, the most in the S&P 500, after Samsung Electronics Co. said it would staff mini-stores at the retailer’s U.S. locations. Facebook Inc. climbed 3.1 percent as it announced smartphone software with a modified version of Google Inc.’s operating system.
The S&P 500 rose 0.4 percent to 1,559.98 at 4 p.m. in New York. The Dow gained 55.76 points, or 0.4 percent, to 14,606.11. About 6 billion shares changed hands on U.S. exchanges, 5.3 percent below the three-month average.
“Expectations were high for the Bank of Japan and they managed to exceed expectations,” Janelle Nelson, a Minneapolis- based portfolio analyst with RBC Wealth Management’s portfolio advisory group, said in a phone interview. Her firm manages about $315 billion in client assets. “The big issue for investors will be what the U.S. employment report shows tomorrow.”