July 1, 2011 in City
Good news rallies market to close month, quarter
NEW YORK – Four days, 480 points.
That’s how the Dow Jones industrial average closed the final four days of June. The Dow added more than 150 points on Thursday alone after Greece cleared the final hurdle needed to receive its next installment of emergency loans. A pickup in manufacturing around Chicago also pushed indexes higher.
The weeklong rally began Monday when Nike Inc. reported quarterly results that showed that consumers were spending more than expected. Also this week, a trade group reported that manufacturing in Chicago sped up unexpectedly in June.
Stocks are still below the 2011 highs they reached in late April, when a series of weak economic reports indicated that the U.S. economy was slowing down.
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