Stocks advanced broadly in moderate trading Thursday. Investors opened June on an optimistic note after a depressing May on Wall Street.
The recent retreat in gold, copper and oil prices seemed to present stocks in a more favorable light.
Thursday’s economic reports, including an increase in worker productivity and a decrease in labor costs, helped the rally.
Technology stocks, including International Business Machines, Cisco Systems and Apple Computer, rebounded from their slump.
Telephone and telephone equipment stocks rallied. AT&T, which closed up 85 cents, to $26.91, was the biggest percentage gainer in the Dow Jones industrial average. The company received an investment rating upgrade from CIBC World Markets.
Locally, Naperville-based telecommunications equipment supplier Tellabs jumped 73 cents, to $15.03.
Shares of major retailers mostly rose, reflecting robust sales in May. Sears Holdings, based in Hoffman Estates, gained $8.92, to $160.79.
The Dow rose 91.97 points, to 11,260.28. All but three of the 30 Dow industrials–General Motors, Wal-Mart Stores and Coca-Cola–posted gains.
The broader Standard & Poor’s 500 index added 15.62, to 1285.71. All 10 of the major sectors tracked in the S&P 500 index advanced.
The Nasdaq composite index gained 40.98, to 2219.86. The Russell 2000 index of small-company stocks advanced 15.49, to 736.50.
New York Stock Exchange volume reached 1.68 billion shares. Winners outnumbered losers by more than a 3-1 ratio among NYSE-listed stocks.
Nasdaq volume totaled 2.05 billion shares, as winners topped losers by an 11-4 ratio.
Oil for July delivery fell 89 cents a barrel, to $70.40. Gasoline futures rose 3.15 cents a gallon, to $2.127.
Treasury securities edged higher, as traders cheered Thursday’s economic report.
Local news: Pacific Growth Equities issued a “buy” rating for Chicago-based Click Commerce, a developer of business-to-business information software. Shares jumped $1.39, to $20.82.
Hub International, a Chicago-based insurance broker, rose 56 cents, to $27.95. The stock received a “buy” rating from Baker Ferris.
