Economy
CLOSING BELL: August 6: DJIA: 13,117.50 | UP 21.34 | +0.16%
OIL: $92.20, UP 0.80, +0.88%
GOLD: $1,616.20, UP 6.90, +0.43%
GASOLINE (US Avg): $3.619, UP .009
Stocks close higher
Maureen Farrell and Hibah Yousuf, CNN Money - U.S. stocks closed higher Monday, despite retreating from the day’s highs, as investors continued to cheer an upbeat jobs report and welcomed lower borrowing costs in Spain and Italy.
The Dow Jones industrial average added 21 points, or 0.2%. The S&P 500 also closed 0.2% higher, while the Nasdaq gained 0.8%. The gains extended Friday’s rally sparked by a stronger-than-expected July jobs report.
With no other reports due on the economy Monday, investors continued to monitor Europe’s debt crisis, and were relieved to see yields on Spanish and Italian bonds declined further on Monday.
Paul Powers, head of U.S. equity trading at Raymond James, said it’s a relief to finally see a quiet Monday. Overall, he said, investors are much more optimistic than they have been in weeks.
While many bellwether companies have already reported second quarter results, investors are still watching corporate results for signs of a slowdown or alternately signs of life among consumers.
Read the rest of this article at CNN Money here.
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
