Stocks fell in morning trading, with the Dow Jones industrial average down almost 63 points. But they turned around after the government said businesses are restocking their shelves faster than analysts had expected.
The Dow finished 93.24 points higher, or three-quarters of a percent, at 12,554.20. It ended the week up almost 3.6 percent.
The Standard & Poor's 500 index rose 10.67 points, or 0.81 percent, to close at 1,325.66. The Nasdaq composite rose 27.40 points, or 0.97 percent, to close at 2,858.42.
The Labor Department will release May data for import prices on Tuesday. The cost of goods imported into the U.S. fell 0.5% in April, the first decline since October, as fuel prices retreated.
Meanwhile, data on producer prices and consumer prices will be released Wednesday and Thursday, respectively.The Producer Price Index, which measures the price of goods at the wholesale level, showed U.S. wholesale prices fell 0.2% in April as energy costs declined.
The Consumer Price Index, which measures the price of a fixed market basket of goods and services purchased by consumers, was unchanged in April from the prior month.
Financial Stability Oversight Council Meeting Set for Monday
The next meeting of the Financial Stability Oversight Council is scheduled for Monday, the Treasury Department said.
Treasury Secretary Tim Geithner will lead the meeting, which is closed to the public.
Known as FSOC, the council comprises top financial regulators and was created by the Dodd-Frank financial-overhaul law. The council includes the heads of the Treasury, Federal Reserve, Securities & Exchange Commission, Commodity Futures Trading Commission and other agencies, and was formed to help coordinate regulatory action and head off another financial crisis.
As you can see from the above since last Friday’s 2.2% drop, the Dow had already broken away from the support pack. It is now vulnerable to more weakness and we will expect it to test its second support at 11735 next week. Due to the lack of base building in the next support level at 11735, we doubt the Dow can hold on much longer at that level. The large red candle from the breakout from the pack represents a very bearish sentiment in the NYSE and we expect further deterioration in the Dow next week.For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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