Dow leaps 286 points, best day of the year

Dow leaps 286 points, best day of the year

June 6th, 2012 by Associated Press in Local - Breaking News

Getco Securities traders Philip Finale, left, and its floor official Peter Giacchi, right, work on the floor of the New York Stock Exchange on Wednesday, June 6, 2012. A 200-point charge Wednesday turned the Dow Jones industrial average positive for the year following a dismal stretch in May.

Photo by Associated Press/Times Free Press.

MATTHEW CRAFT, AP Business Writer

NEW YORK - The Dow Jones industrial average surged 286 points, its best day this year.

The Dow jumped 2.4 percent to close Wednesday at 12,415. The gain turned the index positive for the year and erased a 275-point plunge set off by a dismal U.S. jobs report last Friday.

Hope that Europe would help ease the region's debt crisis helped launch the rally. A news report said European officials were moving quickly to find a way to rescue Spain's hobbled banks.

In other trading, the Standard & Poor's 500 index rose 30 points to 1,315. The Nasdaq composite index jumped 67 to 2,845.

Seven stocks rose for every one that fell on the New York Stock Exchange. Trading volume was slightly higher than average at 4.1 billion shares.