Stocks Rally After Upbeat Data

U.S. stocks rallied on Thursday as some encouraging news on the economy outweighed investors’ concerns that interest rates may start to rise sooner than they had anticipated. The Dow Jones Industrial Average gained 108.88 points, or 0.67%, to 16,331.05. The S&P 500 ended the day 11.24 points, or 0.60%, higher at 1,872.01. The Nasdaq Composite finished the day 11.68 points, or 0.27%, higher at 4,319.29.

A measure of the U.S. economy’s health rose in February by the largest amount in three months, suggesting growth will accelerate following a severe winter. The Conference Board said Thursday its index of leading indicators increased 0.5 percent following a slight 0.1 percent rise in January and a 0.1 percent decline in December.

The Federal Reserve Bank of Philadelphia said separately that manufacturing rebounded in that region in March as new orders increased. The Philadelphia Fed’s manufacturing index jumped to a reading of 9.0 in March from a negative 6.3 reading in February.

Guess Inc. shares tumbled after the Los Angeles apparel firm unexpectedly forecast a loss for its current quarter. The retailer said late Wednesday that it expects to lose between 5 cents and 9 cents a share in its fiscal first quarter. The company made the disclosure while discussing its results for the fiscal fourth quarter ended Feb. 1.

Antivirus and security software provider Symantec Corp said it fired Chief Executive Steve Bennett, effective immediately, and appointed board member Michael Brown as interim president and CEO. The company also reaffirmed its earnings and revenue forecast for the fourth quarter.