US market shakes off Greek worries
Specialist John J. Ohara works his post on the trading floor of the New York Stock Exchange, Monday, Feb. 13,2012. U.S. stocks rose Monday after Greece's parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy. (AP Photo/David Karp)
Traders and specialists work the trading floor of the New York Stock Exchange, Monday, Feb. 13, 2012. U.S. stocks rose Monday after Greece's parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy. (AP Photo/David Karp)
Specialist Gerard E. Farco works the trading floor of the New York Stock Exchange, Monday, Feb. 13, 2012. U.S. stocks rose Monday after Greece's parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy. (AP Photo/David Karp)
Specialist Edward T. Zeller, left, and Broker Edward G. Schreier, right, work the trading floor of the New York Stock Exchange, Monday, Feb. 13, 2012. U.S. stocks rose Monday after Greece's parliament voted for spending cuts so it can get a bailout to save the country from bankruptcy. (AP Photo/David Karp)
By JOSHUA FREED
AP Business Writer
(AP) — Investors shook off their worries about Greece on Monday and got back to their routine of little-by-little gains.
The Dow Jones industrial average climbed 73 points — nothing flashy, but enough to regain most of what it lost with an 89-point drop on Friday. Before that, stocks enjoyed a slow, steady climb this year.
Financial stocks led the Dow higher. Its biggest gainers were Bank of America, up 2.2 percent, and JPMorgan Chase, up 1.8 percent. Financial stocks have been the best performers in the market this year.
Apple crossed $500 per share for the first time, with a 1.9 percent rise to close at $502.60. The company jockeyed with Exxon Mobil last year for the title of most valuable by market value but now enjoys a wide lead,
$468 billion to $400 billion.
The market’s gains were broad-based, with nine of 10 stock categories in the Standard & Poor’s 500 rising, led by industrial stocks. Utilities declined by a whisker. European stocks rose.
The Dow closed up 72.81 points, or
0.6 percent, at 12,874.04. It’s 16 points shy of its highest close since the 2008 financial meltdown. The S&P rose 9.13 points, or 0.7 percent, to 1,351.77. The Nasdaq composite rose 27.51 points, or 1 percent, to 2,931.39.
Worries about the global economy and the state of the U.S. recovery pushed stocks around during the second half of 2011, said Ralph Fogel, a partner and investment strategist for wealth management and advisory firm Fogel Neale Partners in New York.
“The end of the world was coming,” or so traders thought, he said. “It wasn’t the end of the world. ... Then the market stopped listening.”
The Greek debt deal appeared to take some pressure off U.S. banks. Moody’s Investors Services said the $25 billion settlement between mortgage lenders and states over foreclosure practices is a negative for all five major banks involved. Still, most major banks, which have varying levels of exposure in Europe, gained on Monday.
The euro fell a fraction of a penny against the dollar, to $1.32.
In Europe, the FTSE 100 in Britain rose 0.9 percent to 5,906. Germany’s DAX rose 0.7 percent to 6,738. The CAC-40 in France rose slightly to 3,385. In Athens, stocks rose 4.6 percent.
In Asia, Japan’s Nikkei 225 closed 0.6 percent higher at 8,999, and Hong Kong’s Hang Seng gained 0.5 percent.
Investors were not ready to leave the haven of bonds in great numbers. Prices bounced between gains and losses as traders appeared skeptical that Greece was past its debt problem. The yield on the 10-year Treasury note was 1.98 percent, flat from Friday.
Oil rose to $100.49 per barrel in New York. Gold rose slightly to $1,726.60 per ounce.
Among other stocks in the news:
— ATM maker Diebold Inc. rose 9 percent after it reported strong sales to banks, a sign they may be willing to spend more to upgrade their technology.
— Chesapeake Energy Corp. rose 2.4 percent after saying it will try to raise as much as $12 billion by selling assets to pay down debt.
— Regeneron Pharmaceuticals Inc. rose almost 12.3 percent after it said sales of its eye drug Eylea should reach $300 million, up from its previous forecast of $160 million.
— AmerisourceBergen Corp. fell 3.6 percent after the prescription drug distributor said its chief financial officer left to pursue other interests.
— The Madison Square Garden Co., following the winning streaks of the NHL’s Rangers and the NBA’s Knicks, rose 3.8 percent. “Linsanity,” the fervor over the Knicks’ surprise point guard, Jeremy Lin, should help revenue. Over five games, Lin is racking up an average of 27 points, or about four more than the Dow on a typical day this year.