S&P 500 index snaps five-day losing streak
BY Staff and Wire Reports
Friday, September 28, 2012
9/28/12 at 4:22 AM
Stocks notched their first gain of the week Thursday after Spain announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
It was the best day for the U.S. market since Sept. 13, when Federal Reserve Chairman Ben Bernanke announced further steps by the central bank to speed the economic recovery.
Stocks were also helped by speculation that China's central bank will act soon to help the world's No. 2 economy.
The Dow Jones industrial average climbed 72.46 points, or 0.5 percent, to close at 13,485.97. It was the Dow's first gain in five trading sessions.
The Standard & Poor's 500 index, after five days of declines, closed up 13.83 points, or 1 percent, at 1,447.15.