Stocks Gained on mild Relief Rally
Published on Tuesday, 26 June 2012 20:18 Written by Christopher Lynn
Stocks ended in positive ground after staging a mild relief rally. European shares snapped a 3-day losing streak, but jitters over the region’s debt crisis remained. The choppy session didn’t offered assurance that the June turmoil will be lone gone, as ongoing woes in Europe coupled with signs of the global economy slowing down has cut demand for risk assets.
The Dow Jones Industrial Average gained 32.01 points or 0.26%. The S&P 500 index climbed 6.27 points, or 0.48%, while the NASDAQ jumped 17.90 points, or 0.63%.
On Monday, the market has a sharp sell-off but earlier it was back on the green. Still as the session progressed the market started to chop around to close well of its morning highs. Consumer stocks and energy led the move to the upside, as participants favored cyclicals over defensive plays.
Both Kraft (NYSE: KFT) and Hewlett Packard (NYSE: HPQ) logged the biggest percentage declines in the Dow Jones Industrial Average, while Walt Disney (NYSE: DIS) and Chevron (NYSE: CVX) logged the biggest gains, as energy saw a rebound and consumer discretionary was among the top performers.
Consumer stocks received a boost from good performances from Apollo Group (NASDAQ: APOL) and News Corp. (NASDAQ: NWSA). Apollo surged more than 10% to post the biggest percentage gain in the S&P 500 after beating on both the top and bottom lines. Meanwhile, News Corp. jumped more than 8% on reports the company was considering splitting its publishing assets and its entertainment business.
The good performance in Apollo helped other education stocks like DeVry (NYSE: DV) with a gain of more than 5%.
In tech land Apple (NASDAQ: AAPL) gained 0.2%, while Facebook (NASDAQ: FB) jumped once again above $33 after shares jumped 3.24%. The stock has now recovered more than 29% from its record low of $25.52.
Meanwhile the financials shares staged a minor recovery. JPMorgan (NYSE: JPM) gained 1.1% to $35.71 after Goldman Sachs added the stock to its coveted conviction buy list, while Morgan Stanley (NYSE: MS) added 0.22% to$13.51 as the firm removed the stock from the list.
Elsewhere, Seagate Technology (NASDAQ: STX) jumped 3.65%, as it will be the newest addition to the S&P 500 Index as of the market close Friday. While Zynga (NASDAQ: ZNGA) tumbled nearly 5% after it announced Zynga with Friends aimed at connecting the millions of users for its online products.
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