Stock market kicks off week on an up note

Trader Ryan Falvey, foreground, right, works on the Trader Ryan Falvey, foreground, right, works on the floor of the New York Stock Exchange Friday. Knight Capital Group, which was stung by a disastrous software glitch during early trading last week, said Monday that it has lined up $400 million in financing to continue operations. (Aug. 3, 2012) Photo Credit: AP

advertisement | advertise on newsday

U.S. stocks edged higher on a day marked by uncharacteristic quiet following a turbulent week.

In the absence of major economic news, stocks were riding a tail wind of optimism from the most recent U.S. job numbers released last week and hope for more action by European authorities to address that region's debt crisis.

On Monday, beleaguered stock trading company Knight Capital Group said it has lined up $400 million in financing that will allow the firm to continue to operate. Knight was fighting for survival after a disastrous software glitch in its systems sent the trading of dozens of stocks into chaos last week.

Best Buy's stock soared after its founder offered to buy the company.

The Dow Jones industrial average closed up 21.34 points at 13,117.51. The broader Standard & Poor's 500 index was up 0.23 percent to 1,394.23. The index came within half a point of 1,400, where it hasn't traded since May 3.

The Nasdaq index rose 0.74 percent to 2,989.91.

Stock indexes also rose in Europe. Speculation has been building that the European Central Bank will support struggling countries like Spain and Italy by buying bonds issued by those governments.

The latest LI business news in your inbox daily. Get the Biz Briefing newsletter!

Comments

Newsday.com now uses Facebook for our comment boards. Please read our guidelines and connect your Facebook account to comment.

You also may be interested in: