Closing Bell: Dow Avoids 3-Day Sell-Off as Stocks End Higher

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A big late-day turnaround helps the Dow avoid its first three-day sell-off of the year.

The Dow Industrials bounced in and out of the plus column for much of the day, but rallied to close at session highs, up 80 points. The S&P 500 gained 13 points and the Nasdaq rose 22.

Verizon
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Verizon gained 3.5 percent despite reports that it has been forced to turn over to the government vast amounts of data about the telephone calls of its customers. AT&T also edged higher.

SodaStream gained nearly 3 percent, even though Pepsi denied rumors that it's in talks to buy the company, which makes machines that convert tap water into carbonated drinks.

Network equipment maker Ciena jumped 17 percent as its quarterly loss narrowed and the company issued a surprisingly upbeat forecast. That helped lift competitor JDS Uniphase.

Apple lost more than 1 percent, despite reports that it's working on a plan to allow customers to trade in their iPhones in an effort to boost sales.

Homebuilder and biotech stocks bounced back after several tough days. Toll Brothers and Pulte Home both gained 4 percent. Biogen added 3 percent.

The big loser of the day was VeriFone, down 21 percent. The maker of electronic payment equipment posted earnings well short of expectations. The stock is now down more than 40 percent this year.

Other big losers include:
  • Vera Bradley down 8 percent as its quarterly net fell and the handbag maker said its costs have been rising.
  • Specialty retailer Francesca's lost 9 percent after reporting the pace of its sales growth has slowed.
  • And Netflix fell 2.5 percent –- not because of anything it did. But rival DVD service RedBox said it will team with Verizon to launch the Roku set-top device this summer. Coinstar, which owns Roku, gained 1 percent.
What happens tomorrow will likely be determined by the monthly jobs report. But it's impossible to say if good news on the economy will be good for the market, or vice versa.

-Produced by Drew Trachtenberg


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demcoverup

rich_paddlyrich
Bobby Jindal said the republican party needs to stop being the party of stupid.
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The NY Times writes that Obama and his administration have lost all credibility. How can Obama and his administration lose *something they never had.

June 07 2013 at 10:05 AM Report abuse +1 rate up rate down Reply
demcoverup

rich_paddlyrich
Bobby Jindal said the republican party needs to stop being the party of stupid.
===================================

The NY Times writes that Obama and his administration have lost all credibility. How can Obama and his administration lose semething they never had.

June 07 2013 at 10:03 AM Report abuse +2 rate up rate down Reply
ronstriathlon

Working people saw their 401Ks crash during the "Devastation of Bush" now they have recovered and likely doubled from what they had been reduced to.

June 07 2013 at 12:55 AM Report abuse rate up rate down Reply
1 reply to ronstriathlon's comment
demcoverup

No that was the devastation of the Pelosi and Reid recession in 2008. Liberals always forget to mention that part.

June 07 2013 at 10:08 AM Report abuse +1 rate up rate down Reply
ronstriathlon

DOW- More than double what it was at the end of the "Devastation of Bush"

June 07 2013 at 12:46 AM Report abuse +1 rate up rate down Reply
1 reply to ronstriathlon's comment
demcoverup

No that was the devastation of the Pelosi and Reid recession in 2008. Liberals always forget to mention that part.

June 07 2013 at 10:09 AM Report abuse +1 rate up rate down Reply
demcoverup

rickperryoops2
EVERYTHING YOU SAID THERE IS A COMPLETE LIE, GOOD JOB. WE REPUBLICANS JUST LOVE TO LIE...............HEE.............HAW!!!!!!!!!!!!!

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Everyone now knows who the real liars are. Obama and his administration. Obama and crews lies just keep coming and coming.

June 06 2013 at 10:24 PM Report abuse rate up rate down Reply
1 reply to demcoverup's comment
rich_paddlyrich

Bobby Jindal said the republican party needs to stop being the party of stupid.


LMFAO!!!!!!!!...........that will never happen.

June 07 2013 at 9:14 AM Report abuse -1 rate up rate down Reply
1 reply to rich_paddlyrich's comment
demcoverup

You need to stop being that way too. And that for sure will never happen.

June 07 2013 at 10:04 AM Report abuse +2 rate up rate down
wackerf

Unpredictable and stupid. Thank goodness I removed all of my investments. I check back here occasionally to see how this thing lacks direction.

June 06 2013 at 8:16 PM Report abuse +1 rate up rate down Reply
gymgorilla2

Looks like the USS Wall Street Titanic narrowly missed another iceberg. However, it also looks like the ship\'s captain is showing no fear, he already has the ship slowly picking up speed again. Absolutely amazing!

June 06 2013 at 7:16 PM Report abuse +1 rate up rate down Reply
djmusicusa

Hitler and Liars run this country???

June 06 2013 at 6:42 PM Report abuse -1 rate up rate down Reply