GM, Home Depot Drive Dow Higher; Continental Rises On Decline in Oil; Molson Coors Falls
The triple-digit gain for the Dow Jones Industrial Average, putting it back into positive territory for the year, was propelled by Home Depot and General Motors.</br></br>Meanwhile, Continental Airlines was among carriers that took flight on lower oil prices, and Tiffany counted itself among retailers that recorded stellar sessions. But a hedging strategy caused a setback for Bunge, and Molson Coors Brewing dropped after a downgrade.</br></br>The Dow rose 128 points, or 1.03%, to 12510.30, registering its fourth up session in a row and rising to a five-week high as 29 of 30 components rose. Procter & Gamble was the decliner, with a drop of 12 cents to 62.90.</br></br>The Nasdaq Composite Index gained 28.07, or 1.16%, to 2450.33, also up four sessions in a row, its longest streak in two months. The Standard & Poor's 500-stock Index advanced 13.22, or 0.93%, to 1437.77, a five-week high.</br></br>"There is a lot of concern that consumer spending is going to drop off significantly, especially in the summer months," said David Klaskin, chief investment officer at Oak Ridge Investments. "Today's drop in oil prices and the uptick in pending home sales eased fears at least for the near term."