Stocks Rise on Fed Stimulus Hopes
NEW YORK (TheStreet) -- U.S. stocks jumped Thursday on ballooning hopes that additional stimulus is on the way from the Federal Reserve following a disappointing initial jobless claims number.
Adding to the positive sentiment late in the day was a report from Reuters late in the session that the central banks of the world's biggest economies are prepping a coordinated response to stabilize the situation if the outcome of Greece's general elections this weekend spooks the markets.
Trading has been volatile all week ahead of the elections, which are seen as a referendum on whether the country will be able to remain part of the eurozone.
The Dow Jones Industrial Average jumped more than 155 points, or 1.2%, to close at 12,652, returning to positive territory for the week. The blue-chip index hit a high of 12,699 during the session.
Conglomerates, consumer staples, healthcare and services lead the gains in the broad market, where winners outpaced losers by a more than 2-to-1 ratio on both the New York Stock Exchange and the Nasdaq.
Reports that Greek citizens were emptying their bank accounts ahead of the elections continued to roll in but their impact was countered by rumblings that support is building for the country's pro-bailout political parties.