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.
By
Frank Ahrens
|
June 8, 2010; 4:13 PM ET
Categories:
Wall Street
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Posted by: BigTrees | June 8, 2010 7:36 PM | Report abuse
How would the market react to headline job creation of 9,5 MILLION ??
I have a ready project,which can create about 9,5 million new jobs in the USA !
Budget needed : $ 49,2 billion
Is this too much to invest for 9,5 million new jobs ??
Since March 25,I tried my best to contact President Obama and his Administration by sending e-mails,certified letters, and fax(s).
NOBODY pays attention !
What else can I do ??!
I need the US Government's help (cooperation)to realize my project !
How would the market react to headline job creation of 9,5 million ??
Kalman Menyhart, Sherman Oaks , CA
Posted by: menyhartsoccer | June 9, 2010 12:48 AM | Report abuse
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The question is why does the market go up when all economic indicators in the western world say we are entering a second dip in a recession starting to look more like a depression? There are more people unemployed today than at any time in the 1930s. And governments are cutting budgets, which translates into more unemployed people. Estimates put the coming teacher losses in the United states between 100,000 and 200,00 teachers, almost all of them college graduates in the last three years.
Don't you just love conservative world?