The major averages rallied into the closing bell, logging impressive gains. Ken Meyers has your stock market report on the Acadiana Business Index.

DJIA: 12,414.79, up 286.84
S&P 500: 1,315.13, up 29.63
Nasdaq Composite: 2,844.72, up 66.61

  • The major averages rallied into the closing bell, logging impressive gains. The Dow Jones added 287 points to 12,415, the S&P 500 advanced 30 points to 1315, and the NASDAQ ended higher by 67 points to close at 2845. Composite volume on the NYSE was 4.1 billion shares with advancers besting decliners 7-1 on issues. The NASDAQ was 5-1 positive on issues.
  • Stocks staged a rally from the opening bell as investors looked to capitalize on the recent sell off. Lack of European Central Bank action and mixed economic data were overlooked as investors await tomorrow’s speech from Fed Chairman Ben Bernanke.
  • All ten sectors on the S&P were in the green, led by a strong rally in financials. Bank of America gained 53 cents to $7.63 and Goldman Sachs rallied $2.75 to $94.96. Energy stocks also posted an impressive session as crude oil prices rose. Exxon was up $2.58 to $80.18 and Chevron advanced $3.31 to $99.80.
  • In other news, Barnes and Noble gave up 22 cents to $15.91 after billionaire investor Ron Burkle sold nearly his entire stake in the company.
  • In bondland, Treasuries were lower along the curve. The benchmark 10-year note was off 13/16 of a point to yield 1.66% and the 30-year bond was off over a point and a half to yield 2.74%.