AMP AMP Limited

2350 GMT [Dow Jones] Australia's S&P/ASX 200 is up 0.8% at 5074.2 as financials lead a broad-based recovery after lower-than-expected U.S. jobless claims data further bolstered the improving U.S. economic outlook and pushed the S&P 500 up 0.6% to a 5 1/2 year high. Major banks are up 0.9%-1.2%, with AMP (AMP.AU), QBE (QBE.AU) and Macquarie (MQG.AU) up 1.1%-1.6% after Thursday's falls. Materials stocks are lagging after spot iron ore fell 4.4%, but BHP (BHP.AU) is outperforming its ADR's equivalent close. "The selloff was overdone yesterday," says Macquarie Private Wealth investment adviser James Rosenberg. "There is still a lot of interest in stocks, but there's a lot of caution as well. People are substantially more comfortable with risk and risk assets, but a lot of people think it's run a bit hard." He says investors should be encouraged by recent signs of domestic and U.S. economic recovery, and the draft statement from European leaders that they may give countries such as France, Spain and Portugal more time to lower fiscal deficits. The 20-day moving average and former uptrend line offer technical resistance at 5070/5080, and range support is indicated at 4975.9. (david.rogers1@wsj.com)

 
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