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Stocks Rally in Late Trading; Dow Recovers 60 Points

Business

0  Updated at 3:13 pm, December 20th, 2012 By:
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Hemera/Thinkstock(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.
 
Copyright 2012 ABC News Radio