In this May 31, 2013 file photo, trader Richard Cohen, center, works on the floor of the New York Stock Exchange. US stocks swung erratically Thursday, June 6, 2013, as the dollar sank and bond prices rose, but finished solidly higher a day ahead of the government’s release of US employment data for May. AP PHOTO/RICHARD DREW
NEW YORK—US stocks swung erratically Thursday as the dollar sank and bond prices rose, but finished solidly higher a day ahead of the government’s release of US employment data for May.
The Dow Jones Industrial Average gained 80.03 points (0.53 percent) at 15,040.62, after having lost as much as 116 points at mid-session.
The broad-based S&P 500 added 13.66 (0.85 percent) at 1,622.56, while the tech-rich Nasdaq Composite rose 22.57 (0.66 percent) to 3,424.05.
The market continued to search for direction amid mixed signals from the US and global economies and traders appeared unnerved by the dollar’s sharp fall against the euro and yen, which came after both the European and British central banks kept monetary policies unchanged.
“The lows in the dollar index occurred at the same time as the lows in equities. Once the noise in currencies subsided, stocks began their afternoon rally,” said Briefing.com.
On Friday the Department of Labor releases its numbers on job creation and unemployment in May, data that give some idea of the direction of the economy and how and when the Fed might pull in its quantitative easing program.
Leaders in large-cap stocks included Pfizer (+2.3 percent), Verizon (+3.5 percent) and Home Depot (+2.9 percent).
Network systems specialist Ciena gained 17.4 percent after it beat forecasts with a smaller fiscal second-quarter loss and predicted continuing improvement in its market this year.
That also helped push up shares of JDS Uniphase, a Ciena competitor, by 8.3 percent, while Juniper Networks fell 0.4 percent.
VeriFone, which makes electronic payments equipment, plunged 20.9 percent after turning in a fiscal second-quarter loss driven in part by slower sales.
SodaStream International, which sells kits and supplies for making soda drinks at home, surged 10 percent in early trade after rumors spread that Pepsi would take it over. Once denied, the shares settled for a 2.7 percent gain at the end of the session.
Bond prices rose. The yield on the 10-year US Treasury fell to 2.08 percent from 2.10 percent late Wednesday, while the 30-year dropped to 3.23 percent from 3.26 percent. Bond prices move inversely to yields.