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Dow closes above 10,000 with 285 point gain

By
Post Staff Report
Published May 27, 2010, 8:06 p.m. ET

Major U.S. stock averages rallied to reclaim their perch above key milestones Thursday, and the U.S. dollar fell as investors’ concerns about euro-zone debt eased.

Participants welcomed remarks from China, which said it isn’t planning to sell its European bond holdings. Separately, Spain approved additional budget cuts, easing concerns that it might face trouble similar to Greece’s recent travails.

The Dow Jones Industrial Average surged 284.54 points, or 2.9 percent, to 10258.99, recapturing the 10,000 level after it had closed below it Wednesday for the first time since early February. All the Dow’s components rose except Johnson & Johnson, which slipped 0.2 percent.

American Express was the strongest Dow performer in percentage terms, up 5.7 percent. Intel and Alcoa were also strong, up more than five percent each.

The Standard & Poor’s 500-stock index rose 3.3 percent to 1103.06, above the 1090 level it struggled to top in the previous session. Traders said the measure’s close above the key 1100 is a promising sign for the days ahead, though the market is likely to remain volatile as participants remain focused on Europe.

Analysts said the rally was also helped along by end-of-month buying, with some money managers looking to grab stocks on the cheap before sending statements to clients.

“A lot of the intensity of end-of-month trading lately has moved to the penultimate day of the month,” said strategist Bill King, of M. Ramsey King Securities in Burr Ridge, Ill. “The institutions are frowning a little more on trading on the very last day. This time around, you also have to factor in that people will probably try to get things out the way and get out early on Friday.”

The stock rally came despite slightly disappointing U.S. economic data. The Commerce Department revised its estimate of first-quarter gross domestic product down to a 3.0 percent annual rate from its prior estimate of 3.2 percent. Also, the number of U.S. workers filing new claims for unemployment benefits fell less than expected last week.

The euro rose to $1.2360, compared to $1.2193 late Wednesday, after the China State Administration of Foreign Exchange, the agency that manages the nation’s reserves, said media reports that it is considering selling some of it holdings of euro-zone government bonds were “groundless.”

The 10-year U.S. Treasury note slipped 1-1/32 to yield 3.340 percent.