Stocks break pattern, rally in last hour to close up; gold closes at record high
For a change, traders bought into the close instead of selling into it, and stocks made a nice push upward in the final hour of trading.
The Dow is still under 10,000, but it closed up 1.3 percent at 9,939.46. Only four Dow components -- Chevron, IBM, Intel and Microsoft -- closed down on the day. For the month, the Dow is down 1.9 percent. Year-to-day, the Dow is down 4.7 percent.
The broader S&P 500 closed up 1.1 percent at 1,062.01.
The Nasdaq closed down two-tenths of 1 percent at 2,170.57 but was up off its lows of the day.
Shares of BP closed down more than 5 percent, $34.79.
Traders and investors were cheered by comments made by Fed Chairman Ben Bernanke that a double-dip recession is unlikely. The euro moved up slightly against the dollar but is still selling at less than $1.20.
Bernanke said his "best guess" was for continued recovery, but "it won't feel terrific," noting that unemployment will remain near 10 percent for some time.
Flight-to-safety investors pushed gold futures to their all-time high today. The most actively traded contract, for August delivery, rose four-tenths of 1 percent to close at $1,245.60
Techs were weak today, and that created the only drag on markets. Apple's new iPhone did little to help that company's stock, as it closed down nearly 1 percent and pulled down the Nasdaq.
June 8, 2010; 4:13 PM ET
Categories: Wall Street
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