Stocks shake off an early downdraft and long spell of dithering to finish higher, spurred on by one of those oft-seen final-hour surges.
Two stocks — IBM and Travelers — do most of the lifting for the Dow Industrials, with the two combining for about 47% of the average’s gain. S&P 500 closes on resistance (and session high) at 1150. Sector leaders include financials, consumer discretionary, materials and telecom.
DJIA rises 44.51 to 10611.84, and Nasdaq Comp add 9.51 to 2368.46. S&P 500 rises 4.63 to 1150.24.
Week’s busiest day for data comes tomorrow, with February retail sales, Reuters/Univ of Michigan consumer sentiment and January business inventories all set for release.
S&P 500 finishes at its highest close since October 1, 2008; Nasdaq Comp reaches its highest close since August 28, ’08. Stocks once again pricing in a pretty optimistic (if not V-shaped) view of recovery.