Dow Closes Up 68, Nasdaq Up 20

0

Wall Street rebounded Monday as energy prices fell on signs that Tropical Storm Ernesto won’t hit the Gulf of Mexico and as investors grew optimistic about a series of major economic reports on tap this week, the Associated Press reports. Retail and transportation stocks rose as investors believed lower oil prices would help consumer spending. The drop in energy prices also massaged concerns that this week’s data on consumer confidence, job growth, and manufacturing might show the economy is slowing faster than expected.


According to preliminary calculations, the Standard & Poor’s 500 added 6.70, or 0.52 percent, to 1,301.79 – near a three-month high. Powering the index were components Altria Group Inc. and PepsiCo Inc., which touched on historic highs, while Coca-Cola Co. hit a new 52-week high. Other major stock indicators also advanced. The Dow jumped 67.96, or 0.60 percent, to 11,352.01, recovering somewhat from last week’s loss of 0.86 percent. The Nasdaq composite index, also near a three-month high, picked up 20.41, or 0.95 percent, to 2,160.70.


Read the full Associated Press story

.



Today’s Winners & Losers:


Maguire Properties, riding a rumor that the company might go private, rose 7.1 percent to close the day at $40.15. WPT Enterprises rose 5.3 percent to $3.77 and ArtistDirect Inc. gained 4.8 percent to close the day out at 43.25.


On the down side were Salem Communications Corp., which lost 6.3 percent to close at $10.25, Emak Worldwide Inc., which lost 5.5 percent to close at $3.76 and Summa Industries, which lost 4.7 percent to close the day out at $8.06 a share.

No posts to display