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

Stocks put together two winning days; Dow surges 274 points

Stocks staged their first back-to-back winning days since mid-June, after starting off slowly but then picked up strength and staged a day-long rally of the sort we haven't seen in a while.

The Dow rose 274 points, breaking back up through the 10,000 level, closing up 2.8 percent at 10,018.28. All 30 Dow stocks finished in the green.

The broader S&P 500 closed up 3.1 percent at 1,060.27. The Dow picked up 274 points today.

The tech-heavy Nasdaq closed up 3.1 percent at 2,159.47.

Financials and materials led the rally today. Financials in the S&P 500 rose 4.4 percent today. One day after mini-rally prompted by bargain-hunters, traders seemed to be buying on anticipation of positive coming earnings. Financial services holding company State Street led the rally when it forecast second-quarter earnings that exceeded expectations.

The last time stocks had back-to-back winning days was June 17-18.

The Dow is now up 2.5 percent for July but down 3.9 percent for the year.

Oil was up 3.5 percent at $74.51 per barrel. Gold is back down under $1,200 per ounce.

By Frank Ahrens  |  July 7, 2010; 4:03 PM ET
Categories:  Wall Street  
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Next: Video: Talking about the market swoon and unemployment

Comments

Well we already know companies are raking in the money now, but they're still not hiring. It's another bubble before a particularly nasty crash. Our economy needs to shift away from consumption as the major driver if we are to succeed as a nation.

Posted by: theobserver4 | July 7, 2010 5:15 PM | Report abuse

Hallelujah, the GOOD-TIMES are BACK!

Posted by: theaz | July 7, 2010 5:47 PM | Report abuse

Recovery summer --LOL

Posted by: samuellenn | July 7, 2010 5:48 PM | Report abuse


Where are the jobs, Barry?

Where?

Miserable failure Obama

Posted by: screwjob17 | July 7, 2010 6:05 PM | Report abuse

Screwjob17, there's ALWAYS work for you.

Now get back down on your knees and open WIDE.

Posted by: angelos_peter | July 7, 2010 6:32 PM | Report abuse


Thanks Ahrens, but Investors Business Daily says the market is in correction and when it comes to analyzing the market I believe them before I believe you.

Posted by: screwjob17 | July 7, 2010 6:59 PM | Report abuse

How does this play with 1.2 million Americans dropped from the unemployment rolls, another 1.6 million to be dropped this month and up to 3 million laid off by state and local governments by October?

Where does China businesses scrambling for billions of bucks to keep their Reaganesque growth rates from exploding their economy juts like ours?

Why are the only big growth rates in the United States the banks who are hoarding cash instead of making profit-generating loans? What do they know we should all know? And fear?

And why aren't the Democrats pointing out we wouldn't be in this mess if right-wingers hadn't been either running things or obstructing the fixing for most of the last 40 years?

Posted by: BigTrees | July 7, 2010 8:42 PM | Report abuse

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