* House Speaker Boehner's comments dent confidence
* Research in Motion jumps on Goldman upgrade
* Kohl's, Target shares fall after November sales data
* Italian 10-yr bond yield at lowest in two years
* Indexes up: Dow 0.4 pct, S&P 0.5 pct, Nasdaq 0.7 pct
By Angela Moon
NEW YORK, Nov 29 U.S. stocks rose on Thursday as
investors bought on sporadic dips in a market roiled by
conflicting comments from Washington about high-stakes
negotiations to solve the "fiscal cliff."
Wall Street reversed early gains and fell shortly after John
Boehner, the top Republican in Congress, poured cold water on
hopes that lawmakers were getting closer to a budget deal that
would avert a possible recession next year. But the market
rebounded by afternoon and the three major indexes were near the
"There is an emotional part in buying on the small dips
here. Investors are more worried about missing the rally than
losing money as they believe that the 'fiscal cliff' will be
solved eventually," said James Dailey, portfolio manager at TEAM
Asset Strategy Fund in Harrisburg, Pennsylvania.
"Until the 'fiscal cliff' is solved, the madness of the
crowd will not subside."
Discussions on Capitol Hill are aimed at avoiding big,
automatic spending cuts and tax hikes, known as the "fiscal
cliff," that will begin taking effect beginning in January.
Boehner's comment about a lack of progress in talks with the
White House was one of a series of contrary pronouncements by
lawmakers and the Obama administration over whether Washington
will finally cut a deal.
There have been some signs that leaders are moving closer to
a fiscal agreement. The S&P 500 has gained about 5 percent after
dropping almost 8 percent since the Nov. 6 U.S. election. But
investors remain wary that ad hoc statements from politicians
can spark quick reversals in the market.
The Dow Jones industrial average was up 50.32 points,
or 0.39 percent, at 13,035.43. The Standard & Poor's 500 Index
was up 7.29 points, or 0.52 percent, at 1,417.22. The
Nasdaq Composite Index was up 19.32 points, or 0.65
percent, at 3,011.10.
U.S.-listed shares of BlackBerry maker Research In Motion
surged 5 percent to $11.66 after Goldman Sachs upgraded
the stock to "buy" from "neutral" on optimistic ahead of the
launch of the BlackBerry 10 smartphone.
Shares of top retailers retreated in the wake of data
showing a weak start to November sales after superstorm Sandy.
Target fell 0.5 percent to $62.49 percent and Kohl's
Corp dropped 10.4 percent to $45.83.
The U.S. economy grew faster than initially thought in the
third quarter as businesses restocked, but consumer and business
spending were revised lower in a sobering reminder of the
economic recovery's underlying weakness.
Gross domestic product expanded at a 2.7 percent annual rate
in the quarter, the Commerce Department said, as export growth
helped offset the weakest consumer spending and first drop in
business investment in more than a year.
Contracts to buy previously owned U.S. homes rose more than
expected in October, a sign the housing market recovery advanced
into the fourth quarter despite a mammoth storm and concerns
over looming tax hikes.
Shares of companies that build homes rose. The PHLX housing
index rose 0.5 percent, shedding some earlier gains in
line with the pullback in the broader market.
Tiffany shares slumped 6.6 percent to $59.52 after
the upscale jeweler reported quarterly results and cut its
full-year sales and profit forecasts.
Although domestic events largely dominated investors'
attention, the euro zone debt crisis is still on the radar. The
yield on Italy's 10-year bonds fell to the lowest in two years
at an auction on relief that international lenders reached
agreement this week to reduce Greece's debt by more than 40