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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/stocks-leap-higher-amid-jobs-hopes.jpg"><img class="alignnone size-full" title="The Dow Jones industrials gained 191.40 points to close at 12,258.20" src="http://londonglossy.com/wp-content/uploads/2011/03/min-stocks-leap-higher-amid-jobs-hopes.jpg" alt="The Dow Jones industrials gained 191.40 points to close at 12,258.20"/></a></p>
<p>US stocks have risen sharply after an unexpected drop in new applications for unemployment benefits and strong retail sales.</p>
<p>The Dow Jones industrial average had its biggest gain since December 1.</p>
<p>The Labour Department said first-time claims for unemployment benefits fell to 368,000 &#8211; the lowest level since May 2008. Economists had expected the number of claims to rise.</p>
<p>Separately, the Institute for Supply Management said its measure of hiring by service companies rose to the highest level since April 2006. The index covers a broad range of industries including retail, health care and financial services.</p>
<p>The signs of job growth followed a report on Wednesday from payroll processor ADP saying that private employers added far more jobs than analysts had expected last month. Those gains are raising hopes that a jobs report from the Labour Department will show that the unemployment rate fell from its current level of 9%.</p>
<p>The Dow Jones industrial average gained 191.40 points, or 1.6%, to 12,258.20. The Dow is still below where it was trading on February 18, before a three-day plunge caused by a surge in oil prices as the unrest in Libya deepened. The Standard &#038; Poor&#8217;s 500 index rose 22.53, or 1.7%, to 1,330.97.</p>
<p>All 10 company groups which make up the S&#038;P index rose. Industrial companies had the largest gain, with 2.4%. Caterpillar gained 3%, the largest increase among the 30 stocks which make up the Dow average. The Nasdaq composite index gained 50.67, or 1.8%, to 2,798.74.</p>
<p>The drop in unemployment claims pushed Treasury prices lower, raising their yields. The yield on the 10-year note rose to 3.56%, from 3.48% late yesterday.</p>
<p>Oil prices eased slightly, but remained above 100 dollars a barrel. Concerns over the impact of high oil prices on the US economy have rattled markets over the past two weeks. Crude settled above 102 dollars yesterday for the first time since September 2008.</p>
<p>Five stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.1 billion shares.</p>
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