Stocks Close With a Flourish
Updated from 4:20 p.m. EDT
Stocks in New York stayed strong through the finish Thursday as a rally in technology and a relatively positive manufacturing report helped investors look past a series of otherwise disappointing economic data.
The Dow Jones Industrial Average had a shaky start, but shook off early losses to close up 94.28 points, or 0.73%, to 12,992.66. The S&P 500 climbed 14.91 points, or 1.06%, to 1423.57. The tech-heavy Nasdaq Composite enjoyed a particularly good day, tacking on 37.03 points, or 1.48%, to 2533.73, as component CNET (CNET) surged on buyout news.
In spite of that move, market sentiment was bearish at the open, but investors perked up after Northeastern factory activity data showed vast improvement. The Philadelphia Fed Index came in at negative 15.6 for May -- still a contraction, but far less egregious than last month's decline of 24.9, and better than the economists' consensus for negative 19.
The Real Story Wrap: May 15
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