EW YORK: The Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data on the job market and regional manufacturing revived hopes that the recession-hit economy is stabilising.
After gaining as much as 40% from a 12-year closing low in early March, the S&P 500 has eased as investors reassessed the potential strength of an economic recovery. The day's data revived optimism, but analysts said real improvement is needed to sustain the rally.
Financials supported the stock market after being among the week's biggest drags. Discover Financial Services gained 4% to $9.27 after it reported a smaller-than-expected operating loss as bad loans grew less than anticipated.
Lincoln National rose 6.9% to $15.92 after an upgrade from Credit Suisse, and the KBW insurance index rose 1.8%.
The S&P financial index gained 2.5%.
Written by Reuters
Friday, 19 June 2009 08:18
Friday, June 19, 2009