* Feb. job cuts less than expected, unemployment rate steady
* Apple lifts Nasdaq as iPad to hit stores in early April
* Higher oil prices boost Exxon Mobil, Chevron
* Dow up 0.8 pct, S&P up 1.1 pct, Nasdaq up 1.2 pct
* For up-to-the-minute market news, click []
(Updates to late afternoon)
By Edward Krudy
NEW YORK, March 5 (Reuters) - U.S. stocks rose on Friday
to six-week highs as data showed U.S. employers cut fewer jobs
than expected last month, offering relief to investors braced
for bad news about the labor market.
The S&P 500 headed for its sixth day of gains. The Nasdaq,
meanwhile, was having its best week since October and making a
run at its highest close in 18 months as Apple Inc <AAPL.O>
hit an all-time high after it said its much hyped iPad
computer would arrive in U.S. stores in April.
Investors had been concerned severe winter weather that
affected large swaths of the country would cause a larger drop
in payrolls. But data showed non-farm payrolls shed 36,000
jobs in February compared with expectations in a Reuters
survey for a loss of 50,000. The smaller-than-expected job
loss was enough to buoy stocks For details, []
"Investors were very nervous," said Jack Ablin, chief
investment officer of Harris Private Bank in Chicago. "As soon
as I saw the number, I just figured it was a non-event, which
is, I guess, good."
There was broad participation across most market sectors,
with cyclicals in the lead as commodity prices rose along with
investor optimism.
Diversified manufacturer 3M Co <MMM.N> gained 1.2 percent
to $81.97, and ranked among the Dow's top gainers after the
jobs data showed the manufacturing sector added 1,000 jobs in
February.
The market has been strong recently as stocks recover from
a fall at the start of the year, with the decline sparked by a
range of fears from possible soveriegn debt defaults in the
euro zone to increased regulation. The S&P 500 is now off 1.3
percent from a 15-month closing high on Jan 19, having clawed
back from a drop of more than 8 percent through Feb.8.
The Dow Jones industrial average <> gained 85.33
points, or 0.82 percent, to 10,529.47. The Standard & Poor's
500 Index <.SPX> added 12.14 points, or 1.08 percent, to
1,135.11. The Nasdaq Composite Index <> rose 28.30
points, or 1.23 percent, to 2,320.61.
Apple boosted the Nasdaq as the shares surged nearly 4
percent to an all-time high at $219.70 in intraday trading
after it said the first iPad computers will be in U.S. stores
in early April. For details, see []
The jobs data also gave commodities a lift, with crude oil
hitting a seven-week high above $82 a barrel. An S&P energy
index <.GSPE> shot up 1.6 percent, with energy among the S&P's
best-performing sectors. []
Dow components Chevron Corp and Exxon Mobil Corp rose,
with Chevron <CVX.N> up 1.4 percent at $74.07, and Exxon
<XOM.N> up 1.3 percent at $66.25. []
Declining shares included Solarfun Power Holdings
<SOLF.O>, which fell 8 percent to $6.92 after the company
warned of a steeper fall in average selling prices in its
first quarter. []
Transatlantic Holdings Inc <TRH.N> shares fell 3.5 percent
to $51.86 after American International Group Inc <AIG.N> said
it would sell its 13.8 percent stake in the company. AIG's
stock gained 5.8 percent to $28.26. []
For the week, major indexes are up more than 2 percent,
with the Nasdaq up more than 3 percent.
(Reporting by Edward Krudy; Editing by Jan Paschal)
