Stocks Finish June in Fine Fashion
NEW YORK (TheStreet) -- U.S. stocks staged a huge rally Friday as investors cheered the progress being made at the latest Europe Union summit on concrete measures to address the region's debt crisis.
Trading was volatile across a swath of asset classes with gold jumping more than $50 to breach $1600 an ounce, oil making a convincing break back above $80 a barrel, bonds selling off sharply and the dollar tumbling more than 1% against a basket of foreign currencies.
The Dow Jones Industrial Average soared nearly 278 points, or 2.2%, to close at 12,880. The blue-chip index rose 1.9% for the week and finished June with a gain of nearly 4%. Despite a 2.5% decline in the calendar second quarter, the Dow is now up 5.4% so far in 2012.
The S&P 500 surged 33 points, or 2.5%, to finish at 1362, right at its high for the day. The benchmark index advanced 2% for the week, putting it up 4% for the month. Although the S&P 500 fell 3.3% during the quarter, it's appreciated 8.3% year-to-date.
The Nasdaq jumped close to 86 points, or 3%, to settle at 2935, logging its fourth-straight weekly gain. The index booked a 1.5% rise for the week and added 3.8% in June. For the year, the Nasdaq is up 12.7% but it lost 5% in the calendar second quarter.
The three major averages managed to record their first concurrent June gains since 2004.
Within the Dow, 29 of the 30 components finished higher, led by Bank of America(BAC) , Boeing(BA) , Cisco(CSCO) , General Electric(GE) , Hewlett-Packard(HPQ) , Intel(INTC) , and United Technologies(UTX) , all of which gained more than 3%.
JPMorgan Chase(JPM) was the only blue chip to close in negative territory. The bank's stock dipped nominally, extending Thursday's decline after a media report said losses from its bad trade on credit derivatives could reach as high as $9 billion.
All ten large-cap sectors advanced with basic materials, capital goods, conglomerates, energy and technology clocking in as the strongest performing sectors.
Gainers outpaced losers by a ratio of more than 6-to-1 on the New York Exchange and more than 5-to-1 on the Nasdaq.