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Stocks reverse losses as commodities end off lows

Tuesday, Jun 09, 2009
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NEW YORK (AP) -- Investors might be worried about the soundness of the market's rally but they're also worried about missing it. Stocks reversed steep losses in the last hour of Monday's trading. The Dow Jones Industrial average, which had been down 130 points at its low of the day, rose about 50 points. Falling commodities prices had spooked investors earlier Monday, but prices for key industrial materials closed off their lows for the day, providing some relief to the stock market. Commodities prices have been rallying in recent weeks on optimisim that a pickup in manufacturing would increase demand for raw materials like copper, silver and oil. The recovery in both stock and commodity prices late Monday suggested that investors have not given up on hopes for an economic recovery. The volatility came in light trading, which can exaggerate moves in market indicators. Traders said the market is still trying to determine whether to proceed with a powerful three-month rally. "There's a growing sense of confusion as to when exactly this decline in the economy will end and what kind of expansion will come on the heels of it," said Joseph Battipaglia, market strategist for the private client group at Stifel Nicolaus & Co. In the final half hour of trading, the Dow rose 52.45, or 0.6 percent, to 8,815.58. The Standard & Poor's 500 index rose 4.44, or 0.5 percent, to 944.53, and the Nasdaq composite index rose 4.72, or 0.3 percent, to 1,854.14. The S&P 500 index has surged 39 percent from a 12-year low on March 9.

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