Stocks move higher on Wall Street; Best Buy soars
NEW YORK — The Dow Jones industrial average closed higher Thursday, regaining half of its plunge from the day before, as buyers returned to the market.
The Dow rose 55.76 points, or 0.4 percent, to close at 14,606.11. On Wednesday it dropped 111, its worst fall in more than a month, following weak reports on hiring and service industries. The decline was enough to make stock prices seem attractive again.
“Investors have been looking for a reason to sell, given the rally we've seen in the market in the past couple of months,” said Joseph Tanious at JPMorgan Funds. “Today, you're seeing investors come back into the market and buy on the dip.”
The stock market got off to a strong start in 2013. The Dow climbed 10 percent in the first three months of the year and closed at a record high of 14,662 Tuesday. Investors have been encouraged by signs that the housing market was recovering and that hiring was picking up.
Safer industry groups rose Thursday. Telecommunications companies and utilities led the gains for the S&P 500, rising 1.3 percent and 0.9 percent.
In other trading, the Standard & Poor's 500 index rose 6.29 points, or 0.4 percent, to 1,559.98. The Nasdaq composite fell rose 6.38 points, or 0.2 percent, to 3,224.98.
Among stocks making big moves, electronics retailer Best Buy jumped $3.48, or 16 percent, to $25.13 after saying it would collaborate with Korean smartphone and tablet maker Samsung to open kiosks in its stores.
Facebook rose 82 cents, or 3.1 percent, to $27.07 after the social network unveiled a new product for Android phones that will bring content to users on the phone's home screen.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Consol Energy cutting retiree health benefits, phasing out pension
- Highmark to increase premiums, limit access to health care in new plans
- Coca-Cola shaves incentives for executives
- Oil, gas industry boom leads to expansion of laws in Pennsylvania
- Hospitals, doctors in Pa. received $32M in 5 months from drug, medical device companies
- Roundup: Pittsburgh Corning plan confirmed; II-VI reorganizes segments; more
- Canadian company wins bid for casino
- Bond experts fear inevitable sell-off
- Truck deals give auto sales a lift
- New models, China sales key to GM’s future, Barra tells investors
- Google Pittsburgh instrumental in fight against hackers, co-directors say