The Dow Jones industrial average rose 42.78 to 10,485.65.
NEW YORK — Wall Street enjoyed a modest rebound yesterday after three weeks of losses, advancing as investors felt more optimistic about the economy and indulged in a little bargain hunting. Falling oil prices and a strengthening dollar also spurred buying.
The Dow Jones industrial average rose 42.78 to 10,485.65. The Dow has fallen more than 1 percent in each of the last three weeks.
Microsoft, one of the 30 Dow stocks, slipped 8 cents to close at $24.20 a share. Boeing, also a Dow stock, gained $1.30 to $58.10.
Broader stock indicators also gained ground. The Standard & Poor’s 500 index was up 2.86 at 1,174.28, and the Nasdaq composite index climbed 1.46 to 1,992.52.
Most Read Stories
- This season, Seahawks have crossed the line from brash to just plain unlikable | Matt Calkins
- Seahawks coach Pete Carroll says Richard Sherman played second half of season with 'significant' knee injury
- Can’t make it to D.C.? Seattle will have own women’s march
- Michael Bennett explodes at reporter following Seahawks-Falcons game
- How Seattle Mayor Murray’s plan to help homeless living in RVs unraveled VIEW
While Dow stock General Motors suffered from a new round of bad news, an $11.3 billion leveraged buyout of SunGard Data Systems showed that the recent wave of merger and acquisition activity would continue.
The economy, however, was foremost on investors’ minds.
There was no significant economic data released yesterday, so the market was anxiously awaiting gross domestic product and employment numbers later in the week and hoping they would show the economy has enough strength to overcome inflation.
“Investors are cautiously putting a foot back into the market,” said Michael Sheldon, chief market strategist at Spencer Clarke.
“The market appears to be oversold, but investors are going to need some sort of catalyst, whether it’s falling oil prices or earnings or some of the economic data coming out this week, to really have the confidence to push things higher.”
SunGard Data Systems rose $2.81, or 8.9 percent, to $34.36, after the company announced it would be purchased by a consortium of seven private equity groups. The move was expected, though the $5 premium over Thursday’s closing stock price was not.
GM was downgraded to “reduce” from “neutral” by UBS due to concerns over the automaker’s liquidity and questions about whether the company could continue offering dividends to its shareholders. GM slipped 93 cents to $28.37.