Stocks rally in last hour, Dow turns positive for June
UPDATED at 4:14 p.m.:
Well, how about that. A last-hour rally instead of a sell-off.
After an up-and-down day, stocks got a little frisky in the last hour of trading of the week, as traders perhaps decided the retail sales numbers weren't all that bad and maybe consumers know something, after all.
The Dow closed up four-tenths of 1 percent at 10,211.07. This was the first winning week for the Dow in a month, following the terrible month of May, the worst May in 40 years for the Dow. Eleven of the Dow's 30 components finished in the red. The Dow is now up seven-tenths of 1 percent for June, but still down 2 percent for the year.
The broader S&P 500 closed up four-tenths of 1 percent at 1,091.60.
The tech-heavy Nasdaq closed up 1.2 percent at 2,243.60.
Oil closed off about 1.6 percent to settle at less than $75 per barrel. Gold picked up less than 1 percent to close just under $1,228 per ounce.
Higher consumer confidence spurs stocks
11:03 a.m.: Consumer confidence jumped by its biggest amount since January 2008, helping stocks pare their early losses.
The Reuters/University of Michigan gauge of early June consumer confidence came in at an index number of 75.5, much better than the 74.5 forecast by economists, in data released moments ago.
In response, stocks rose and are making a bid to turn positive across the board.
The Dow is still down three-tenths of 1 percent but is well off its low of the day.
The broader S&P 500 likewise has been rising, though it is still down three-tenths of 1 percent. The S&P is on track for its best week in a month.
The tech-heavy Nasdaq has turned positive, up two-tenths of 1 percent.
Color me puzzled on this. After the worst May for stocks in 40 years, I thought consumer confidence would take a step back. But consumers are evidently seeing better conditions around them than they see on Wall Street.
In the data, consumers' estimate of both their current conditions and the conditions they expect in six months rose.
Stocks down at opening
9:50 a.m.: Wall Street is trading down at opening, responding to some disappointing May retail sales headlines. We will see whether traders and investors dig a little deeper into the report today and start buying instead of selling.
Stocks also will respond to the early take on June consumer confidence, which is due out shortly. Forecasters expect a slight uptick in confidence, but frankly, following the terrible stock market performance in May, that would surprise me.
In early trading, the Dow is down seven-tenths of 1 percent.
The broader S&P 500 is down six-tenths of 1 percent.
The tech-heavy Nasdaq is down four-tenths of 1 percent.
June 11, 2010; 4:14 PM ET
Categories: Wall Street
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