Stock market ends choppy day with modest gains
Thursday, June 6, 2013
NEW YORK (AP) — A bouncy ride on Wall Street ended with a modest gain Thursday.
The stock market broke a two-day losing streak as traders reacted to news from Europe and looked ahead to the government’s monthly employment report.
The Dow Jones industrial average ended 80 points higher. The average of 30 big companies dropped as much as 116 points in the early afternoon after the European Central Bank’s president, Mario Draghi, signaled that the bank wouldn’t take more steps to shore up Europe’s ailing economies.
Retail stocks mostly rose after several store chains reported higher sales for May. Costco gained $1.92, or 1.8 percent, to $111.09.
Markets have turned volatile over the past two weeks as traders parse comments from Federal Reserve officials for hints about when the bank will cut back on its support for the economy. A batch of weak manufacturing reports has also heightened concerns about the economy’s strength.
The Dow ended at 15,040.62, a gain of 0.5 percent. The Standard & Poor’s 500 index rose 13.66 points to 1,622.56, a gain of 0.9 percent. The Nasdaq composite index rose 22.58 points to 3,424.05, a gain of 0.7 percent.
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