The Los Angeles Business Journal’s index of the 200 largest local public companies closed up for the week ended Jan. 8 as investors shrugged off news that U.S. employers cut 85,000 jobs last month and focused instead on a more optimistic revised jobless report for November.

The weighted LABJ index closed up 1.85 percent to $114.32, with gainers outpacing decliners 108 to 71.

Los Angeles bank holding company Cathay General Bancorp jumped more than 21 percent to $9.20 after a D.A. Davidson analysts upgraded the stock from “hold” to “buy”.

Los Angeles homebuilder KB Home rose more than 15 percent to $15.97 as the housing sector reacted positively to a better-than-expected quarterly report from Lennar Corp.

OSI Systems Inc. added another 15 percent to $31.64 as the Hawthorne maker of passenger and luggage scanning systems continued to benefit from airport security concerns.