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Friday, June 19, 2009

US STOCKS-Dow, SP 500 end 3-day drop on data, financials

The Dow and S&P 500 gained on Thursday, breaking a three-day losing streak, as data onthe job market and regional manufacturing revived hopes that the recession-hit economy is stabilizing. After gaining as much as 40 percent 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 (DFS.N) gained 4 percent to $9.27 after it reported a
smaller-than-expected operating loss as bad loans grew less than anticipated.
The Dow Jones industrial average .DJI rose 58.42 points,or 0.69 percent, to 8,555.60. The Standard & Poor's 500 Index SPX gained 7.66 points, or 0.84 percent, to 918.37. TheNasdaq Composite Index .IXIC was off just 0.34 of a point,or 0.02 percent, at 1,807.72. The Nasdaq ended little changed as some big-cap technology companies fell.
After a nearly 4 percent pullback over the past three sessions, the broad S&P 500 is up 35.7 percent from its12-year closing low on March 9. Trading volume was fairly light on the New York Stock Exchange, with about 1.09 billion shares changing hands, well below last year's estimated daily average of 1.49 billion. On the Nasdaq, about 2.11 billion shares traded, below last year's daily average of 2.28 billion. Advancing stocks outnumbered declining ones on the NYSE by 1,741 to 1,263 while on the Nasdaq, 1,403 stocks rose while 1,239 shares fell.

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