Market Snaps Losing Streak
Financial, energy, and materials stocks led the market forward as the Dow Jones Industrial Average and S&P 500 ended the day in positive territory for the first time in seven trading sessions.
While the Dow Jones Industrial Average ended the day up 0.63% at 12,124.26, the S&P 500 rose 0.74% to 1289. The indexes had been trading even higher but the stocks gave back a little at the end of the day; the Dow went up as much as 1.11% in midday trading.
These gains came after mixed data - the trade deficit narrowed as imports from Japan dropped, and jobless claims unexpectedly rose last week.
Wells Fargo (WFC) and Citigroup (C) — rose 3.4% and 2.6%, respectively. This was even after the Treasury Department made an announcement that it will punish certain banks for their failures in helping distressed borrowers obtain government loans.
Nymex crude oil futures rose 1.18% to $101.93, the third straight day of gains.
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