Wednesday, June 2: SUMMARY:
After two down days stocks roared higher today as a wave of bargain-hunting swept the Street.
The Dow Jones Industrial Average (DJIA – 10,249.54) gained 225.5 points, or 2.3%. Thanks to today’s surge, the Dow finished above its 10-day moving average for the first time since May 12.
The S&P 500 Index (SPX – 1,098.38) enjoyed a similarly positive day, ending with a gain of 27.7 points, or 2.6%. The SPX settled atop its 10-day moving average for only the second time since May 12.
The Nasdaq Composite (COMP – 2,281.07) gained 58.7 points, or 2.6%. The COMP also conquered its 10-day moving average, and is now poised to challenge the 2,300 region.
Crude futures turned in a positive session today as July-dated crude oil ended the day up 28 cents, or 0.4%, at $72.86 per barrel, after earlier peaking at $73.93.
Gold futures ended the day on a modest deficit after finishing at a two-week high on Tuesday, gold for August delivery closed with a loss of $4.30, or 0.4%, at $1,222.60 per ounce.
