- Dow Jones Industrial Index up 162.57 (+1.31%) to 12,573.80
- S&P 500 up 15.25 (+1.17%) to 1,324.18
- Nasdaq Composite Index up 33.34 (+1.19%) to 2,843.07
- Hang Seng Index down 0.43%
- Shanghai China Composite Index down 0.70%
- FTSE 100 is up 0.77%
Stocks closed with big gains today, advancing after a Federal Reserve regional president said he would be open to additional stimulus for the U.S. economy.
The remarks by Charles Evans, president of the Chicago Federal Reserve Bank branch, also boosted prices for gold and crude oil, helping send energy and material stocks higher, and pushed worries about Europe to the sidelines - at least for a day.
All 10 industry sectors in the S&P 500 ended with gains, paced by financial and industrial stocks after U.S. import prices fell 1% from April to May and April's price movement was revised from a previously reported fall of 0.5%.
Speaking on Bloomberg television this morning, Evans said, "I've been in favor of pretty much any accommodative policy I've heard about." He also said "extending the Twist would be useful," referring to the Fed's policy of buying longer-dated bonds using proceeds from shorter notes in the central bank's portfolio.
With the price drop during May, import prices have now fallen in four of the past 12 months. Over the past year, import prices are down 0.3%, according to Labor Department figures.
In other economic news, the NFIB Small Business Optimism index slipped 0.1 to a 94.4 reading, beating expectations but providing few signs of increased economic activity this year. The ICSC-Goldman's same-store sales index also added little good news, with same store sales slipping 0.7% week over week.
Crude oil for July delivery closed 76 cents higher at $83.35 a barrel while July natural gas rose 2 cents to $2.24 per 1 million BTUs. August gold rose $17.00 to finish at $1613.70 an ounce, July silver rose $0.34 to $28.94 an ounce while July copper settled unchanged at $3.34.
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