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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Stocks rally to close, recoup week's losses

UPDATED at 4:04 p.m.:

Stocks rallied to a strong close today, recouping most of their losses on the week. This is good momentum heading into two days heavy of economic data that will give a picture of where the U.S. economy is.

The Dow closed up 2.3 percent at 10,249.54.

The broader S&P 500 closed up 2.6 percent 1,098.40.

The tech-heavy Nasdaq closed up 2.7 percent at 2,281.07. The Nasdaq has returned to positive territory for 2010.

Stocks today are led by energy and financials. Embattled BP closed up 2.6 percent on the day, even though its underwater saw hit a snag in the latest attempt to stop the Deepwater Horizon well from leaking oil into the Gulf of Mexico.

Oil closed up 1.2 percent at $73.45 per barrel.

On Friday, the government will release the May unemployment number, which is expected to remain largely unchanged but more than 500,000 new jobs are forecast to be added.

Opening volatility defeated, stocks stage rally

1:25 p.m.: After smoothing out some early volatility, stocks have a nice little rally underway.

The Dow is up 1.2 percent.

The broader S&P 500 is up 1.4 percent.

The tech-heavy Nasdaq is up 1.6 percent.

All of Detroit's Big Three automakers have reported strong May sales.

Stocks up in trading, but volatility still rules

10:11 a.m.: Stocks are up in early trading today but only after a dive at opening, continuing the trend of volatility on Wall Street.

The Dow is up three-tenths of 1 percent.

The broader S&P 500 is up four-tenths of 1 percent.

The tech-heavy Nasdaq is up three-tenths of 1 percent.

A busy day, news-wise. Warren Buffett will be testifying before the Financial Crisis Inquiry Commission later this morning. Buffett, a Washington Post Co. director, declined an invitation to testify but could not decline the subsequent subpoena.

April pending home sales rose 6 percent in April compared with March, thanks to the government-subsidized home-buyer credit, which expired at the end of April.

Also today, starting around noon, automakers will release their May vehicle sales.

By Frank Ahrens  |  June 2, 2010; 4:04 PM ET
Categories:  Data , Wall Street  
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Next: Ford makes it official: Storied Mercury brand to be axed


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