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Positive Signs From Greece Help Halt a Market Slump After Days of Losses, the Market Turns Around
(about 1 hour later)
The market rallied Wednesday to end a weeklong slump.The market rallied Wednesday to end a weeklong slump.
The gains were broad: All 30 stocks in the Dow Jones industrial average and all 10 industry groups in the Standard & Poor’s 500-stock index advanced.The gains were broad: All 30 stocks in the Dow Jones industrial average and all 10 industry groups in the Standard & Poor’s 500-stock index advanced.
“Everybody’s screen is full of green,” said Matt Kaufler, a fund manager at Federated Investors.“Everybody’s screen is full of green,” said Matt Kaufler, a fund manager at Federated Investors.
The S.&P. 500 climbed 25.05 points, or 1.2 percent, to close at 2,105.20. It was the best day for the benchmark in a month.The S.&P. 500 climbed 25.05 points, or 1.2 percent, to close at 2,105.20. It was the best day for the benchmark in a month.
The Dow Jones industrial average rallied 236.36 points, or 1.3 percent, to 18,000.40, while the Nasdaq gained 62.82 points, or 1.3 percent, to 5,076.69.The Dow Jones industrial average rallied 236.36 points, or 1.3 percent, to 18,000.40, while the Nasdaq gained 62.82 points, or 1.3 percent, to 5,076.69.
United States government bond prices continued to slide. The drop nudged the yield on the 10-year Treasury note to another high for the year, 2.49 percent. Long-term interest rates have surged in recent months as the economy shows signs of shaking off its winter slump.United States government bond prices continued to slide. The drop nudged the yield on the 10-year Treasury note to another high for the year, 2.49 percent. Long-term interest rates have surged in recent months as the economy shows signs of shaking off its winter slump.
“The market is starting to price in an improving economy,” said Brad McMillan, the chief investment officer at Commonwealth Financial.“The market is starting to price in an improving economy,” said Brad McMillan, the chief investment officer at Commonwealth Financial.
Major markets in Europe finished with solid gains Wednesday, as well. Germany’s DAX jumped 2.4 percent, while France’s CAC-40 rose 1.8 percent. The FTSE 100 index of leading British shares added 1.1 percent.Major markets in Europe finished with solid gains Wednesday, as well. Germany’s DAX jumped 2.4 percent, while France’s CAC-40 rose 1.8 percent. The FTSE 100 index of leading British shares added 1.1 percent.
The yen jumped against the dollar after the head of the Bank of Japan said the country’s currency was unlikely to continue its slump. The dollar fell 1.4 percent to 122.64 yen.The yen jumped against the dollar after the head of the Bank of Japan said the country’s currency was unlikely to continue its slump. The dollar fell 1.4 percent to 122.64 yen.
Japan’s benchmark Nikkei 225 slipped 0.3 percent, and South Korea’s Kospi shed 0.6 percent. Hong Kong’s Hang Seng lost 1.1 percent, while Australia’s S&P/ASX 200 closed 0.1 percent lower.Japan’s benchmark Nikkei 225 slipped 0.3 percent, and South Korea’s Kospi shed 0.6 percent. Hong Kong’s Hang Seng lost 1.1 percent, while Australia’s S&P/ASX 200 closed 0.1 percent lower.
Netflix’s stock climbed to new high after shareholders cleared the way for its board of directors to make the Internet video service’s stock more affordable.Netflix’s stock climbed to new high after shareholders cleared the way for its board of directors to make the Internet video service’s stock more affordable.
Shareholders set the stage for Netflix to split its stock by approving a proposal that will allow the board to increase the company’s outstanding stock to as many as five billion shares. The previous limit had been 170 million shares.Shareholders set the stage for Netflix to split its stock by approving a proposal that will allow the board to increase the company’s outstanding stock to as many as five billion shares. The previous limit had been 170 million shares.
Although the vote taken late Tuesday at Netflix’s annual meeting was considered a formality, investors still celebrated the outcome because a reduced trading price tends to widen the pool of people interested in buying a stock.Although the vote taken late Tuesday at Netflix’s annual meeting was considered a formality, investors still celebrated the outcome because a reduced trading price tends to widen the pool of people interested in buying a stock.
Netflix’s stock gained nearly 4 percent to close at $671.10. Earlier in the session, the shares peaked at $692.79. Netflix’s share price has nearly doubled this year.Netflix’s stock gained nearly 4 percent to close at $671.10. Earlier in the session, the shares peaked at $692.79. Netflix’s share price has nearly doubled this year.
An announcement by Johnson Controls, an industrial parts supplier, that it was considering splitting off its automotive business propelled the company’s stock higher. Johnson Controls gained $2.03, or 4 percent, to $53.59.An announcement by Johnson Controls, an industrial parts supplier, that it was considering splitting off its automotive business propelled the company’s stock higher. Johnson Controls gained $2.03, or 4 percent, to $53.59.
In the commodity markets, precious and industrial metals futures settled slightly higher. Gold rose $9 to $1,186.60 an ounce, while silver was unchanged at $15.96 an ounce. Copper picked up 3 cents to close at $2.75 a pound.In the commodity markets, precious and industrial metals futures settled slightly higher. Gold rose $9 to $1,186.60 an ounce, while silver was unchanged at $15.96 an ounce. Copper picked up 3 cents to close at $2.75 a pound.
The price of oil settled at its highest level since December after the Energy Department’s weekly supply report showed a surprisingly big drop in crude inventories along with rising demand for gasoline.The price of oil settled at its highest level since December after the Energy Department’s weekly supply report showed a surprisingly big drop in crude inventories along with rising demand for gasoline.
Benchmark United States crude rose $1.29 to settle at $61.43 a barrel in New York. Brent crude, a benchmark for international oil used by many American refineries, rose 82 cents to $65.70 a barrel in London.Benchmark United States crude rose $1.29 to settle at $61.43 a barrel in New York. Brent crude, a benchmark for international oil used by many American refineries, rose 82 cents to $65.70 a barrel in London.
In other futures trading, wholesale gasoline rose 6.9 cents to $2.146 a gallon; heating oil rose 2.8 cents to $1.946 a gallon; and natural gas rose 4.5 cents to $2.891 per 1,000 cubic feet.In other futures trading, wholesale gasoline rose 6.9 cents to $2.146 a gallon; heating oil rose 2.8 cents to $1.946 a gallon; and natural gas rose 4.5 cents to $2.891 per 1,000 cubic feet.