Sept. 10 (Bloomberg) -- U.S. stocks rose for a fifth day, the longest streak for the Standard & Poor’s 500 Index since November, as higher oil prices lifted energy producers and jobless claims slid to the lowest level since July. Chevron Corp. and Exxon Mobil Corp. advanced following an increased estimate for global oil demand from the International Energy Agency. Consumer and technology shares rose as Procter & Gamble Co. forecast earnings that topped estimates and analysts recommended Yahoo! Inc. The S&P 500 advanced above its highest close since Oct. 6 after weekly jobless claims decreased by 26,000 to 550,000, lower than economists forecast. “The jobs number was another confirmation that the economy may have reached the bottom,” said Wasif Latif, who helps oversee $90 billion at USAA Investment Management Co. in San Antonio. The S&P 500 added 0.4 percent to 1,037.7 at 11:10 a.m. in New York. The Dow Jones Industrial Average increased 34.77 points, or 0.4 percent, to 9,581.99. European shares fluctuated while Asia’s benchmark index rallied 1.3 percent. The S&P 500 jumped to an 11-month high yesterday as Goldman Sachs Group Inc. recommended industrial companies and investor Michael Price said he’s finding value in American equities. The benchmark index for U.S. equities has rebounded 53 percent from a 12-year low on March 9 amid signs the recession is easing and better-than-estimated earnings at companies from Johnson & Johnson to Goldman Sachs. Valuation Watch The rally has pushed valuations in the S&P 500 to about 19 times the reported earnings of its companies, the highest level since June 2004, according to weekly data compiled by Bloomberg. Chevron added 1.6 percent to $71.44, while Exxon Mobil increased 0.5 percent to $70.87. Crude oil rose 1 percent to $72 a barrel. Yahoo climbed 4.6 percent to $15.46 after Bank of America recommended buying shares of the second-most popular U.S. Internet search engine. Goldman Sachs advanced 2.1 percent to $173.83. Analyst Meredith Whitney said Goldman, the only bank stock she recommends investors buy, “still has a lot of gas in its tank.” Whitney, the founder of Meredith Whitney Advisory Group LLC, told CNBC that banks’ third-quarter earnings will be “similar” to the second quarter. The “crisis situation” is over, but fundamentals haven’t improved, Whitney said. Time Warner Inc. rose 2.1 percent to $29.06. Goldman Sachs raised the owner of the Warner Bros. film studio to “conviction buy” from “neutral,” saying a rebound in corporate profits “is likely to fuel a rally in national ads” by next year’s second quarter “at the latest.” Airlines Rally UAL Corp. and US Airways Group Inc. jumped after JPMorgan Chase & Co. removed its recommendation to sell the shares. UAL, parent of United Airlines, the third-largest U.S. carrier, climbed 20 percent to $7.74 after being boosted to “overweight.” US Airways, the smallest full-fare U.S. carrier, added 13 percent to $4.06 as it was lifted to “neutral.” Monsanto Co. slid 5.3 percent to $79.06. The seed maker said earnings per share will fall to a range of $3.10 to $3.30 this fiscal year as the company spends as much as $600 million to cut jobs and reduce costs. Health insurers advanced even after President Obama, in a speech last night to Congress and the public, said he won’t “back down on the basic principle that we will provide you with a choice” if private insurance is unaffordable. Insurance companies will benefit from his proposals to extend insurance to tens of millions of people lacking coverage, so taxing the providers on their most-expensive policies is fair, he said. ‘Stopped Short’ Obama “stopped short of addressing health-care reform,” said Kristin Binns, a spokeswoman for WellPoint Inc., the second-largest U.S. health insurer by sales. Las Vegas Sands Corp. fell 3.9 percent to $16.18. The casino company controlled by billionaire Sheldon Adelson was rated a new “sell” at Citigroup Inc., which said the company will be selling its “crown jewels” when it spins off the Macau assets later this year. The S&P 500 has gained 1.7 percent so far in September, historically the worst month for U.S. equities. The index retreated 1.3 percent on average since 1928 in that month before this year, data compiled by Bloomberg show. The S&P 500 plunged 9.1 percent last September after Lehman Brothers Holdings Inc. collapsed. The biggest drop occurred in September 1931 during the Great Depression, when the S&P 500 tumbled 30 percent. “September will probably end relatively flat but we could see markets gain another 10 percent by the end of the year,” said Urs Eilinger, Zurich-based chief investment officer at Infidar Investment Advisory Ltd., which manages about $3.2 billion. “It’s become clear that the worst is over and we won’t get back to the scenario in spring.” To contact the reporter on this story: Jeff Kearns in New York at jkearns3@bloomberg.net.

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