Stocks gain after encouraging US jobs news

Oil rose above $102 a barrel for the first time in over a year as Egypt’s turmoil intensified, raising the risk of supply disruptions. In
Europe, traders dumped Portuguese stocks and bonds as the country’s government teetered on the edge of collapse. But the overseas news was offset by a brighter outlook for the US labor market: Fewer people sought jobless benefits last week, and ADP, the payrolls processor, said businesses added more jobs last month than analysts expected. The broader US monthly survey of employment is due Friday. ‘The key takeaway is that jobs matter more than Egypt,’ said Alec Young, at S&P Capital IQ.