The following is an excerpt from MATT JARZEMSKY | June 22, 2012 | Smartmoney.com |
Stocks bounced from Thursday’s steep decline, led by financial shares, after Moody’s Investors Service completed its long-anticipated downgrade of more than a dozen global banks.
The Dow Jones Industrial Average rose 67 points, or 0.5%, to 12640, in midday trading on Friday. The gains followed the Dow’s second-biggest loss of the year Thursday as downbeat economic data fueled concerns about global economic growth. J.P. Morgan Chase (jpm) led the Dow higher with a 2.2% climb. Bank of America (bac), Morgan Stanley (ms) and Wells Fargo (wfc) also gained.
The Standard & Poor’s 500-stock index tacked on six points, or 0.4%, to 1331. Financial and health-care shares led gains across nine of the index’s 10 sectors, while industrials lagged behind. The Nasdaq Composite added 18 points, or 0.6%, to 2877.
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