Stocks Rally in Late Trading; Dow Recovers 60 Points
(NEW YORK) -- The stock market alternated between declines and gains all session before calling it a day on the plus side.
The Dow closed up 60 points, or 0.5 percent, at 13,311.72. The Nasdaq gained six points, and closed at 3,050.39. The S&P added eight points to close at 1,443.69.
First-time jobless claims rose last week by 17,000, reversing four weeks of declines. The less volatile four-week average fell by 14,000.
Sales of existing homes jumped by almost six percent in November to the highest number in years. It's the latest sign that the housing market -- one of the economic sectors hit hardest by the recession -- is truly on the mend.
The Commerce Department says the nation's economy grew at a stronger annual rate in the latest quarter than estimated a month ago. The Gross Domestic Product has been revised to 3.1 percent for the third quarter.
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