Stocks Closed Higher on Spain and Jobs Data

U.S. stocks rose sharply Thursday, after Spain detailed an austerity plan that focuses on spending cuts instead of tax increases and stronger-than- expected data on the U.S. jobs market. The Dow Jones Industrial Average rose 72.46 points, or 0.54%, to 13,485.97. The S&P 500 index added 13.83 points, or 0.96%, to 1,447.15. The Nasdaq Composite advanced 42.90 points, or 1.39%, to 3,136.60.

Spain’s Deputy Prime Minister Soraya Saenz de Santamaria said on Thursday the budget for 2013 would focus on cutting spending rather than hiking taxes, and the government would pass 43 new laws to reform the economy over the next six months.

To the relief of fans, players and owners, the National Football League’s (NFL) regular referees will return to work on Thursday after a deal was struckto end a damaging months-long lockout of unionised game officials.

Research In Motion Ltd. reported a net loss for its second fiscal quarter on Thursday afternoon, but managed to surprise investors with stronger-than-expected sales and an increase to its cash base.