CORRECTED - Mexico stocks jump, led by AMovil; peso steady

(Corrects change in America Movil's New York-traded shares to gain, not loss)

MEXICO CITY, April 3 (Reuters) - Mexican stocks jumped on Thursday, as pension funds took advantage of new rules allowing them to increase their level of risk.

Telecom bellwether America Movil and copper miner Grupo Mexico led gainers.

The benchmark IPC stock index .MXX rose 0.85 percent at 31,743 points, after briefly rising 1 percent.

The peso currency <MXN=> MEX01 firmed a marginal 0.09 percent to 10.5665 per dollar, holding steady at a two-year high as investors favor relatively high yields on local debt compared with U.S. Treasuries.

In debt trading, yield on the benchmark 10-year government peso bond <MX10YT=RR> was flat at 7.51 percent.

Stocks recovered after an early morning fall as poor U.S. jobs and service sector data raised concerns about the U.S. economy, the destination of 80 percent of Mexican exports.

Traders said the rally was fueled by the nation's pension funds, which are accommodating their portfolios after new rules kicked in this week allowing managers to increase the amount of risk they carry.

"The funds took advantage of the correction in the morning to get into stocks," said Manuel Lasa, head of trading at Interacciones brokerage.