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Image by YoTuT via FlickrBy: Benny N JoewonoNEW YORK, Make Money Blog$ - U.S. stocks ended higher after falling sharply at the opening Thursday (12/05/2011) local time
, following a recovery in commodity prices. Dow Jones Industrial Average closed up 65.89 points (0.52 percent) at 12,695.92.
The Standard & Poor's 500 added 6.57 broader points (0.49 percent) to 1348.65, while the technology-heavy Nasdaq composite index rose 17.98 share points (0.63 percent) to 2863.04.
Stocks followed the oil, precious metals and other commodities fell in morning trading and then trace their recovery, with the Dow swung by 181 points.
Gregori Volokhine of Meeschaert New York, said a sharp change in the dollar since last week is behind all the volatility.
"Investors are trying to push commodities lower, taking every dollar increase as an excuse," said Gregori Volokhine of Meeschaert New York.
"When the dollar weakens again, they buy back their positions," he said.
Meanwhile, the economic statistics released Thursday sends a rather negative signal to the market.
Government data showed U.S. retail sales grew more slowly than expected in April, with rising fuel and food prices hitting consumers. That is a sign of weakening economic growth, some economists feel.
Down nearly two percent in the morning, shares of major oil companies to recover as crude oil prices rose slightly in New York and London. ExxonMobil fell 0.1 percent and Chevron climbed 0.5 percent.
Cisco components of the Dow lost 4.8 percent after company reports fiscal third quarter came to 18 percent decline in profits from the previous year, and earnings per share is 10 percent lower than analysts expected.
Shares of Goldman Sachs punished with a reduction of 3.5 percent after the bank's ratings lowered by two analysts who worried about the impact of the possibility of the Justice Department mempidanakannya on activities that encourage the financial crisis.
Bond prices fall. The yield on the 10-year Treasury bond rose to 3.23 percent from 3.16 percent late Thursday, while the 30-year bond rose slightly to 4.35 percent from 4.30 percent. source: kompas.com
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