US STOCKS rose Thursday

U.S. stocks rose on Thursday after upbeat data on jobs and consumer spending and as Federal Reserve officials reiterated that monetary policy depends on the economic outlook.

The S&P 500 index on Thursday remained about 50 points from its record closing high hit on May 21, and was lately up 10.61 points, or 0.7%, at 1,613.87. Telecommunications and financials led the gains and materials was the sole laggard among its 10 major sectors.

The Dow Jones Industrial Average was lately up 107.45 points, or 0.7%, at 15,017.59.

Hewlett-Packard Co. and Boeing Co. paced the gains that included 26 of the blue-chip index’s 30 components.

The Nasdaq Composite climbed 25.39 points, or 0.8%, to 3,401.58.

Corporate news had ConAgra Foods Inc.’s shares rising 5.5% after the food producer reported a quarterly profit that surpassed expectations and hiked its long-term forecast.

Paychex Inc. lost 3.9% after the payrolls processor reported earnings below market expectations.

In a speech Thursday, Federal Reserve Bank of New York President William Dudley played down the possibility that rate hikes are in the cards anytime soon.

Atlanta Fed President Dennis Lockhart also spoke, saying the markets had mistaken Bernanke’s framework for tapering central-bank asset purchases, and reiterated the Fed’s approach would be flexible, and based on economic conditions.

On Wednesday, Fed Bank of Richmond President Jeffrey Lacker said he believes the economic recovery will remain lackluster for a few more years.

Stock-index futures had added to gains after the Commerce Department reported Thursday that household purchases rose 0.3% in May and wages advanced 0.5%.

Separately, the U.S. Department of Labor reported Americans filing for state unemployment benefits fell by 9,000 to 346,000 last week.

Also bolstering sentiment, the National Association of Realtors reported pending home sales jumped to a six-year high in May.

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