CLOSING BELL: June 12: DOW: 12,573.80 | UP 162.57 | +1.31%
OIL: $83.32, UP .62, +.75%
GOLD: $1,613.80, UP 17.00, +1.06%
GASOLINE (US Avg): $3.542, +.002
Rita Nazareth, Bloomberg - U.S. stocks advanced, rebounding from yesterday’s decline, amid speculation the Federal Reserve will stimulate the economy and after the European Central Bank endorsed a plan to guarantee bank deposits.
The S&P 500 rose 1.2 percent to 1,324.12 at 4 p.m. New York time, after briefly erasing gains following Fitch Ratings’ downgrade of 18 Spanish banks. It slumped 1.3 percent yesterday. The Dow Jones Industrial Average added 160.83 points, or 1.3 percent, to 12,572.06 today.
“It has been a bit schizophrenic,” said Mark Luschini, chief investment strategist for Philadelphia-based Janney Montgomery Scott LLC, which manages about $54 billion. “What’s taking place in the Spanish bond market is troubling. Yet pessimism is so high that the prospect of any relief would be enough to jump-start a rally in equities. It seems as investors are desperate for continued liquidity injections.”