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.