Stocks rise on possible central bank action
Trader Michael Iervoline works on the floor of the New York Stock Exchange Monday. Wall Street appeared headed for a choppy session Thursday June 14, 2012, with futures swinging between gains and losses. (June 11, 2012) Credit: AP
A report that major central banks would be ready to pump money into the financial system after the Greek elections this weekend gave the stock market a late push higher Thursday.
The Reuters report said major central banks were preparing for coordinated action if the results of Greek elections on Sunday strain global financial markets.
The Dow Jones industrial average jumped 155.53 points to close at 12,651.91. That's a gain of 1.2 percent.
The stock market began climbing in early trading after a tame inflation reading and another weak jobs report raised expectations that the Federal Reserve would offer more support for the U.S. economy.
Applications for unemployment benefits rose last week, according to the latest government report. The four-week average increased for a third straight week, another sign that the jobs market remains weak.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
