Results tagged “economy” from News 24/7
NEW YORK (AP) -- Wall Street's March rally gained momentum on Thursday -- this time, thanks to surprisingly good earnings from some major consumer brands.
Strong demand for government debt at the Treasury Department's latest auction also lifted stocks. Investors had been nervous about the government's ability to fund its economic stimulus and financial bailout programs.
According to preliminary calculations, the Dow jumped 174.75, or 2.3 percent, at 7,924.56, its highest close since Feb. 12.
The Standard & Poor's 500 index rose 18.98, or 2.3 percent, to 832.86, and the Nasdaq composite index rose 58.05, or 3.8 percent, to 1,587.00.
Strong demand for government debt at the Treasury Department's latest auction also lifted stocks. Investors had been nervous about the government's ability to fund its economic stimulus and financial bailout programs.
According to preliminary calculations, the Dow jumped 174.75, or 2.3 percent, at 7,924.56, its highest close since Feb. 12.
The Standard & Poor's 500 index rose 18.98, or 2.3 percent, to 832.86, and the Nasdaq composite index rose 58.05, or 3.8 percent, to 1,587.00.
Continue reading Stocks rise on relief over earnings, debt auction.
NEW YORK (AP) -- Wall Street has managed a moderate gain after an attack of nerves had investors giving back a big early advance and then barreling back into the market right before the close.
Trading was extremely erratic -- the Dow Jones industrials rose as much as 203 points in early trading in response to upbeat economic data, then fell nearly 110 during the afternoon before closing up 90. Analysts said weak demand during an auction of government debt stirred up worries about how easily Washington will be able to raise money to fund its economic rescue program. The fear in the market is that the government might not be able to easily raise the hundreds of billions of dollars it needs.
The Dow closed up 89.94, or 1.17 percent, at 7,749.81, while the Standard & Poor's 500 index rose 7.63, or 0.95 percent, to 813.88 and the Nasdaq composite index rose 12.43, or 0.82 percent, to 1,528.95.
Two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.77 billion shares.
Trading was extremely erratic -- the Dow Jones industrials rose as much as 203 points in early trading in response to upbeat economic data, then fell nearly 110 during the afternoon before closing up 90. Analysts said weak demand during an auction of government debt stirred up worries about how easily Washington will be able to raise money to fund its economic rescue program. The fear in the market is that the government might not be able to easily raise the hundreds of billions of dollars it needs.
The Dow closed up 89.94, or 1.17 percent, at 7,749.81, while the Standard & Poor's 500 index rose 7.63, or 0.95 percent, to 813.88 and the Nasdaq composite index rose 12.43, or 0.82 percent, to 1,528.95.
Two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.77 billion shares.
Continue reading Stocks manage moderate gain after erratic session.
NEW YORK (AP) -- A stock drop is never reassuring -- except when it could have been worse.
The Dow Jones industrial average shed 115 points, or 1.5 percent on Tuesday. But it also held onto 382 of the 498 points it racked up a day earlier.
According to preliminary calculations, the Dow fell 115.49, or 1.5 percent, to 7,660.37. The Standard & Poor's 500 index fell 16.55 points, or 2 percent, to 806.37. The Nasdaq fell 37.11 points, or 2.4 percent, to 1,518.66.
Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans lift bad loans off banks' books.
"We'll take that trading pattern any time," said Arthur Hogan, chief market analyst at Jefferies & Co. He said he came into work anticipating the Dow to drop between 1 to 2 percent Tuesday after its 6.8 percent jump Monday.
Furthermore, the Dow was up more than 1,000 points from hitting nearly 12-year lows on March 9, and there was little in a way of positive economic or corporate data Tuesday to lift stocks further.
If Wall Street gets more good news, stocks could resume their rise. But if it doesn't, the rest of Monday's rally -- and then some -- could get wiped out. Later this week, investors will be facing some big economic reports: durable goods for February, a revised fourth-quarter gross domestic product number, and personal income and spending for February. And next month, first-quarter earnings reports start pouring in.
Thomas J. Lee, a stock market analyst at JPMorgan, said the market's ability to hang onto most of its rally was encouraging, but "this has definitely been a show-me market."
The Dow Jones industrial average shed 115 points, or 1.5 percent on Tuesday. But it also held onto 382 of the 498 points it racked up a day earlier.
According to preliminary calculations, the Dow fell 115.49, or 1.5 percent, to 7,660.37. The Standard & Poor's 500 index fell 16.55 points, or 2 percent, to 806.37. The Nasdaq fell 37.11 points, or 2.4 percent, to 1,518.66.
Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans lift bad loans off banks' books.
"We'll take that trading pattern any time," said Arthur Hogan, chief market analyst at Jefferies & Co. He said he came into work anticipating the Dow to drop between 1 to 2 percent Tuesday after its 6.8 percent jump Monday.
Furthermore, the Dow was up more than 1,000 points from hitting nearly 12-year lows on March 9, and there was little in a way of positive economic or corporate data Tuesday to lift stocks further.
If Wall Street gets more good news, stocks could resume their rise. But if it doesn't, the rest of Monday's rally -- and then some -- could get wiped out. Later this week, investors will be facing some big economic reports: durable goods for February, a revised fourth-quarter gross domestic product number, and personal income and spending for February. And next month, first-quarter earnings reports start pouring in.
Thomas J. Lee, a stock market analyst at JPMorgan, said the market's ability to hang onto most of its rally was encouraging, but "this has definitely been a show-me market."
WASHINGTON (AP) -- The Federal Reserve should play an expanded, "central role" in preventing future financial crises like the one now gripping the country, the U.S. central bank and the Treasury Department said Monday.
The joint statement from the agencies now leading the United States' efforts to end the crisis and lift the country out of recession came as the Obama administration and Congress seek to overhaul the nation's financial structure to avoid future meltdowns.
The Fed -- already the lender of last resort to troubled financial companies -- could end up with a much larger role once a regulatory revamp is finalized.
The joint statement from the agencies now leading the United States' efforts to end the crisis and lift the country out of recession came as the Obama administration and Congress seek to overhaul the nation's financial structure to avoid future meltdowns.
The Fed -- already the lender of last resort to troubled financial companies -- could end up with a much larger role once a regulatory revamp is finalized.
Continue reading Fed should play 'central role' to prevent crises.
SACRAMENTO (AP) -- The state Assembly on Monday passed a bill to extend unemployment benefits in California, as lawmakers here took the first steps in drawing billions of dollars from the federal stimulus package.
The bill was passed 76-0, and would extend unemployment benefits by 20 weeks. It now moves to the Senate.
Assemblyman Joe Coto, D-San Jose, said the measure would allow California to qualify for up to $3 billion in federal money without a cost to the state. California is among 13 states with high unemployment rates that needs to change their laws to qualify for extended benefits.
The bill was passed 76-0, and would extend unemployment benefits by 20 weeks. It now moves to the Senate.
Assemblyman Joe Coto, D-San Jose, said the measure would allow California to qualify for up to $3 billion in federal money without a cost to the state. California is among 13 states with high unemployment rates that needs to change their laws to qualify for extended benefits.
Continue reading Calif. Assembly passes extended jobless benefits.
NEW YORK (AP) -- Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and responded with a rally that hurtled the Dow Jones industrials up nearly 500 points.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow.
According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.
The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.
More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow.
According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.
The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.
More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.
Continue reading Stocks surge on bank plan, rise in home sales.
NEW YORK (AP) -- Wall Street's mid-March rally is on hold, but the market still managed its first two-week gain in close to a year.
After starting Friday mixed, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow Jones industrial average rise 14 percent over seven trading days. One reason for the market's pause after such a big surge: It ran out of upbeat economic and corporate news the past two days.
According to preliminary calculations, the Dow industrials fell 122.42, or 1.7 percent, to 7,278.38.
Broader stock indicators also lost ground. The S&P 500 index fell 15.50, or 2 percent, to 768.54, and the Nasdaq composite index fell 26.21, or 1.8 percent, to 1,457.27.
The Russell 2000 index of smaller companies fell 13.15, or 3.2 percent, to 400.11.
After starting Friday mixed, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow Jones industrial average rise 14 percent over seven trading days. One reason for the market's pause after such a big surge: It ran out of upbeat economic and corporate news the past two days.
According to preliminary calculations, the Dow industrials fell 122.42, or 1.7 percent, to 7,278.38.
Broader stock indicators also lost ground. The S&P 500 index fell 15.50, or 2 percent, to 768.54, and the Nasdaq composite index fell 26.21, or 1.8 percent, to 1,457.27.
The Russell 2000 index of smaller companies fell 13.15, or 3.2 percent, to 400.11.
Continue reading Stocks fall, but stocks log second week of gains.
LOS ANGELES (AP) -- President Barack Obama on Thursday announced that California will receive $145 million to help communities hard-hit by the foreclosure crisis.
The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages.
The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.
The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages.
The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.
Continue reading Obama targets foreclosures in Calif..
NEW YORK (AP) -- Investors doused a two-week-old stock rally Thursday on worries about fallout from the Federal Reserve's plan to pump more than $1 trillion into the financial system.
According to preliminary calculations, the Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.
The broader Standard & Poor's 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.
Declining issues narrowly outnumbered advancers on the New York Stock Exchange, where volume came to 2 billion shares.
According to preliminary calculations, the Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.
The broader Standard & Poor's 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.
Declining issues narrowly outnumbered advancers on the New York Stock Exchange, where volume came to 2 billion shares.
Continue reading Stock rally fades as investors assess Fed moves.
COSTA MESA (AP) -- Hundreds of people packed into a sweltering hall at the Orange County Fairgrounds on Wednesday to cheer President Obama -- even while they booed what's been going on in the financial industry.
Participants -- many of whom camped out overnight to get one of the coveted tickets to the event -- snapped photos of the president as he reached the stage and peppered him with questions about the economy, education and immigration.
Obama started the meeting attacking the bonuses awarded to executives at bailed-out insurance giant AIG and reassured the cheering crowd he would take responsibility for the outrage and try to make it right.
Participants -- many of whom camped out overnight to get one of the coveted tickets to the event -- snapped photos of the president as he reached the stage and peppered him with questions about the economy, education and immigration.
Obama started the meeting attacking the bonuses awarded to executives at bailed-out insurance giant AIG and reassured the cheering crowd he would take responsibility for the outrage and try to make it right.
Continue reading Californians, worried about economy, cheer Obama.
NEW YORK (AP) -- The Federal Reserve is keeping Wall Street's big rally alive -- and giving the Treasury market a boost as well.
The Fed said Wednesday it will start buying Treasurys to help open up tight credit markets and help the economy start growing again. The central bank will purchase up to $300 billion of longer-term Treasury securities over the next six months. The decision sent both government bonds and stocks soaring as investors expected the move to drive down borrowing costs for everything from mortgages to credit cards.
According to preliminary calculations, the Dow Jones industrial average rose 90.88, or 1.2 percent, to 7,486.58.
Broader stock indicators jumped, too. The Standard & Poor's 500 index added 16.23, or 2.1 percent, to 794.35, and the Nasdaq composite index rose 29.11, or 2 percent, to 1,491.22.
The Fed said Wednesday it will start buying Treasurys to help open up tight credit markets and help the economy start growing again. The central bank will purchase up to $300 billion of longer-term Treasury securities over the next six months. The decision sent both government bonds and stocks soaring as investors expected the move to drive down borrowing costs for everything from mortgages to credit cards.
According to preliminary calculations, the Dow Jones industrial average rose 90.88, or 1.2 percent, to 7,486.58.
Broader stock indicators jumped, too. The Standard & Poor's 500 index added 16.23, or 2.1 percent, to 794.35, and the Nasdaq composite index rose 29.11, or 2 percent, to 1,491.22.
Continue reading Stocks jump after Fed says it will buy Treasurys.
NEW YORK (AP) -- Investors restarted Wall Street's rally Tuesday, buying financial and homebuilder stocks following a surprisingly upbeat report on home construction.
Major market indicators jumped more than 2 percent, including the Dow Jones industrial average, which rose 179 points. The technology-heavy Nasdaq surged more than 4 percent after sliding Monday.
According to preliminary calculations, the Dow rose 178.73, or 2.5 percent, to 7,395.70.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.
The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.49 billion shares. Light volume indicates less conviction behind the market's moves.
Major market indicators jumped more than 2 percent, including the Dow Jones industrial average, which rose 179 points. The technology-heavy Nasdaq surged more than 4 percent after sliding Monday.
According to preliminary calculations, the Dow rose 178.73, or 2.5 percent, to 7,395.70.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.
The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.49 billion shares. Light volume indicates less conviction behind the market's moves.
Continue reading Wall Street resumes rally following housing report.
SACRAMENTO (AP) -- Schwarzenegger administration officials and the state treasurer are trying to determine whether California will receive enough federal stimulus money to avoid more cuts.
At issue is whether California will receive at least $10 billion to help its general fund.
A preliminary review by the governor's office and the Legislature's budget analyst has determined the state will fall short by about $2 billion.
If that estimate holds, the state faces an additional $1 billion in cuts and the continuation of an increase in the personal income tax. The tax increase will remain, but at a lower level, if California receives the hoped-for $10 billion.
The administration and treasurer held a hearing on Tuesday and face an April 1 deadline to determine how much the state will get.
At issue is whether California will receive at least $10 billion to help its general fund.
A preliminary review by the governor's office and the Legislature's budget analyst has determined the state will fall short by about $2 billion.
If that estimate holds, the state faces an additional $1 billion in cuts and the continuation of an increase in the personal income tax. The tax increase will remain, but at a lower level, if California receives the hoped-for $10 billion.
The administration and treasurer held a hearing on Tuesday and face an April 1 deadline to determine how much the state will get.
SACRAMENTO (AP) -- Republican lawmakers have rejected the state's first federal stimulus-related bill to extend unemployment benefits by 20 weeks.
The bill, which fell short by one vote in the Assembly on Monday night, would have pulled as much as $3 billion from the federal government.
Lawmakers are expected to take up the bill again.
California must make changes to its unemployment program in order to qualify for federal stimulus money.
Republicans say they could not vote on a bill that contained language they had not read.
Democrats say that unless the bill passes soon, nearly 300,000 Californians will start losing their unemployment benefits starting April 12.
The bill, which fell short by one vote in the Assembly on Monday night, would have pulled as much as $3 billion from the federal government.
Lawmakers are expected to take up the bill again.
California must make changes to its unemployment program in order to qualify for federal stimulus money.
Republicans say they could not vote on a bill that contained language they had not read.
Democrats say that unless the bill passes soon, nearly 300,000 Californians will start losing their unemployment benefits starting April 12.
NEW YORK (AP) -- Wall Street broke a four-day advance Monday as a rally in financial stocks fizzled and dragged the market lower.
According to preliminary calculations, the Dow slipped 7.01, or 0.1 percent, to 7,216.97. The blue chips rose as much as 169 points during the session.
The Standard & Poor's 500 index fell 2.66, or 0.4 percent, to 753.89, while the tech-heavy Nasdaq composite index fell 27.48, or 1.9 percent, to 1,404.02.
More stocks rose than fell even as the major indicators lost ground. Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a moderate 1.9 billion shares.
According to preliminary calculations, the Dow slipped 7.01, or 0.1 percent, to 7,216.97. The blue chips rose as much as 169 points during the session.
The Standard & Poor's 500 index fell 2.66, or 0.4 percent, to 753.89, while the tech-heavy Nasdaq composite index fell 27.48, or 1.9 percent, to 1,404.02.
More stocks rose than fell even as the major indicators lost ground. Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a moderate 1.9 billion shares.
Continue reading Stocks give up gains after 4-day rally.
FRESNO (AP) -- Labor Secretary Hilda Solis wants to rethink rules issued by the Bush administration that changed the nation's guest farmworker program.
Bush's overhaul to the program was intended to make it easier for farmers to hire foreign field workers.
Solis announced Friday she plans to suspend the new rules for the program for nine months so her department can review and reconsider them.
Farmworker advocates have argued the changes would lower wages in the fields and erode labor protections. Growers criticized the fix too, saying it doesn't streamline the process or provide the comprehensive immigration reform they've been looking for.
The proposal to suspend the rule will be made official on Tuesday, and is open to public comment for 10 days.
Bush's overhaul to the program was intended to make it easier for farmers to hire foreign field workers.
Solis announced Friday she plans to suspend the new rules for the program for nine months so her department can review and reconsider them.
Farmworker advocates have argued the changes would lower wages in the fields and erode labor protections. Growers criticized the fix too, saying it doesn't streamline the process or provide the comprehensive immigration reform they've been looking for.
The proposal to suspend the rule will be made official on Tuesday, and is open to public comment for 10 days.
SACRAMENTO (AP) -- The recession will take an $8 billion bite out of California's finances next year unless Gov. Arnold Schwarzenegger and lawmakers make more spending cuts or close some tax loopholes, the state's leading budget analyst said in a new report Friday.
Despite a budget deal last month that was meant to close a $42 billion deficit through June 2010, the Legislative Analyst's Office said state finances already have fallen short as revenues have come in lower than expected.
The grim news suggested another round of budget fighting in the Capitol, just weeks after Schwarzenegger and legislative leaders hammered out a hard-won compromise that closed the gap by cutting $15.8 billion from state programs, raising $12.8 billion through tax increases and borrowing billions more.
Despite a budget deal last month that was meant to close a $42 billion deficit through June 2010, the Legislative Analyst's Office said state finances already have fallen short as revenues have come in lower than expected.
The grim news suggested another round of budget fighting in the Capitol, just weeks after Schwarzenegger and legislative leaders hammered out a hard-won compromise that closed the gap by cutting $15.8 billion from state programs, raising $12.8 billion through tax increases and borrowing billions more.
Continue reading Report: Calif. faces losing another $8B in revenue.
NEW YORK (AP) -- Stocks are ending higher for their fourth straight session as investors hunt for clues about whether the market will continue to recover.
The gains have left stocks with their best week since November. Financial stocks are finishing Friday with stunning gains for the week as investors set aside some of their darkest worries about a collapse of major institutions.
According to preliminary calculations, the Dow Jones industrial average is closing up 54 at 7,224. The Standard & Poor's 500 index is up 6 at 757. The Nasdaq composite index is up 5 at 1,432.
More than 2 stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.61 billion shares.
The gains have left stocks with their best week since November. Financial stocks are finishing Friday with stunning gains for the week as investors set aside some of their darkest worries about a collapse of major institutions.
According to preliminary calculations, the Dow Jones industrial average is closing up 54 at 7,224. The Standard & Poor's 500 index is up 6 at 757. The Nasdaq composite index is up 5 at 1,432.
More than 2 stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.61 billion shares.
Continue reading Wall Street closes up again.
NEW YORK (AP) -- Investors have been clamoring for months for a bit of good news. On Thursday, they got a load of it.
The Dow Jones industrials shot up 240 points, bringing its gains over the past three days to 622 points. It was the index's biggest three-day jump since last November.
This week's rally got an extra dose of adrenalin after an accounting board told Congress Thursday it may recommend a let-up in accounting rules for troubled banks in three weeks.
According to preliminary calculations, the Dow rose 239.66, or 3.5 percent, to 7,170.06. The Standard & Poor's 500 index climbed 29.38, or 4.1 percent, to 750.74. The Nasdaq composite index gained 54.46, or 4 percent, to 1,426.10.
After a modest decline Monday and three days of buying, the Dow is up 8.2 percent so far for the week. The S&P 500 index is up 9.9 percent and the Nasdaq is up 10.2 percent.
The Dow Jones industrials shot up 240 points, bringing its gains over the past three days to 622 points. It was the index's biggest three-day jump since last November.
This week's rally got an extra dose of adrenalin after an accounting board told Congress Thursday it may recommend a let-up in accounting rules for troubled banks in three weeks.
According to preliminary calculations, the Dow rose 239.66, or 3.5 percent, to 7,170.06. The Standard & Poor's 500 index climbed 29.38, or 4.1 percent, to 750.74. The Nasdaq composite index gained 54.46, or 4 percent, to 1,426.10.
After a modest decline Monday and three days of buying, the Dow is up 8.2 percent so far for the week. The S&P 500 index is up 9.9 percent and the Nasdaq is up 10.2 percent.
Continue reading Stocks rally on good news for banks, GM, retailers.
NEW YORK (AP) -- Investors struggled but managed to turn Wall Street's best performance this year into a two-day advance.
Stocks ended with modest gains Wednesday but the Dow Jones industrial average still recorded its first two-day climb since Feb. 5-6. The buying was far more subdued than on Tuesday when Citigroup Inc.'s upbeat assessment of its business sent investors rushing into the market in part to cover bets that stocks would continue to slide. The Dow on Wednesday ended up nearly 4 points after jumping 379 the day before.
According to preliminary calculations, the Dow rose 3.91, or 0.1 percent, to 6,930.40. The Standard & Poor's 500 index rose 1.76, or 0.2 percent, to 721.36, while the Nasdaq composite index, which has a heavy representation of tech stocks, rose 13.36, or 1 percent, to 1,371.64.
The Russell 2000 index of smaller companies slipped 1.45, or 0.4 percent, to 366.30.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.75 billion shares.
Stocks ended with modest gains Wednesday but the Dow Jones industrial average still recorded its first two-day climb since Feb. 5-6. The buying was far more subdued than on Tuesday when Citigroup Inc.'s upbeat assessment of its business sent investors rushing into the market in part to cover bets that stocks would continue to slide. The Dow on Wednesday ended up nearly 4 points after jumping 379 the day before.
According to preliminary calculations, the Dow rose 3.91, or 0.1 percent, to 6,930.40. The Standard & Poor's 500 index rose 1.76, or 0.2 percent, to 721.36, while the Nasdaq composite index, which has a heavy representation of tech stocks, rose 13.36, or 1 percent, to 1,371.64.
The Russell 2000 index of smaller companies slipped 1.45, or 0.4 percent, to 366.30.
Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to 1.75 billion shares.
Continue reading Stocks extend gains into second day.
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