GE lifts Wall St despite rising unemployment

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By Rodrigo Campos

NEW YORK (Reuters) - U.S. stocks rose on Friday as investors took heart after the government said monthly payroll losses slowed, even as unemployment rose above 10 percent.

General Electric Co shares jumped more than 5 percent after a brokerage upgrade, and helped lead the industrial sector higher. The S&P industrials <.GSPI> gained 1.1 percent.

The market had opened lower after data showed the unemployment rate topped the psychologically key 10 percent level and reached the highest point since April 1983.

U.S. employers cut 190,000 jobs in October and unemployment hit its highest level since 1983. Despite the disturbing headline unemployment number, payroll losses continued to decline, which some investors saw as a mild positive as the hourly work week remained static.

"We have gotten the idea that the number of jobs being lost has been slowing, and that continues," said Kim Caughey, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

The Dow Jones industrial average <.DJI> was up 17.84 points, or 0.18 percent, at 10,023.80. The Standard & Poor's 500 Index <.SPX> rose 2.30 points, or 0.22 percent, at 1,068.93. The Nasdaq Composite Index <.IXIC> increased 7.87 points, or 0.37 percent, at 2,113.19.

Bailed-out insurer American International Group Inc dropped 7 percent to $36.42 after it said its main insurance business remained weak.

(Editing by Jeffrey Benkoe)

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