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Dow leaps 286 points, its biggest day of the year NEW YORK (AP) — Speculation that govern- ments in the U.S. and Europe will act to help their economies sent stocks surging to their best day this year. Reserve President Den- nis Lockhart said in a speech that weak job growth over the past two months highlighted the ''halting and tenuous'' recovery. If the trend continues, ''further mon- etary actions to support the recovery will certain- ly need to be consid- ered,'' he said. Atlanta Federal news reports indicated that Germany and Euro- pean Union officials were considering a plan to lend money from the European bailout fund to help rescue Spain's hob- bled banks. market, neither develop- ment would likely cause a ripple. But the market has been anything but ordinary lately, posting decline after decline amid the financial crisis in Europe and the slow- ing economy in the U.S. Traders now are hang- ing on rumors and spec- ulation, said Jeff Klein- top, chief market strate- gist at LPL Financial. But the talk was enough to convince some that the worst was over for now. In an ordinary stock At the same time, As a result, the Dow Jones industrial average surged 286.84 points to close at 12,414.79, its biggest gain since December 20. The rally started early and gath- ered force in the after- noon. The charge turned the Dow Jones industrial average positive 2012 and erased the biggest loss of the year less than a week after it happened: the 275-point plunge set off by a dis- mal U.S. jobs report on Friday. for it's called a technical bounce,'' he said. ''There's no bad news today, so the market goes up. Frankly, it's that sim- ple.'' LPL Financial has started to pull back on bets against the S&P 500 and the euro. ''We've decided it's time to declare victory,'' Klein- top said. ''The next 10 percent move is not down, it's up,'' Kleintop said. In other trading, the Standard & Poor's 500 rose 29.63 points to 1,315.13. The Nasdaq composite rose 66.61 points to 2,844.72. Companies whose stocks have been clob- bered the most over the past month had the best gains. Homebuilders ral- lied, helped by a strong earnings report from Hovnanian Enterprises and rising applications for new mortgages. Hov- nanian's CEO said he sees signs that the hous- ing industry may be entering the early stages COMPLETE AUTO REPAIR recommened 30K, 60K, 90K SERVICES AT LOWER PRICES All makes and models. We perform dealer Smog Check starting at$ Pass or FREE retest 527-9841 • 195 S. Main St. (most cars and pick-ups) 2595 + cert. 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That's in marked contrast to the govern- ment's monthly jobs report, which said employers added the fewest jobs in a year last month. Treasury yields rose as investors moved money out of defensive invest- ments. The yield on the benchmark rose to 1.64 percent from 1.57 per- cent late Tuesday. The dollar dipped and big moves: — Morgan Stanley jumped $1.08, 8 percent, Among stocks making Over 25 years of experience The North State's premier supplier of stoves STOVE JUNCTION Wood Burning Stoves Did you know? We've Got Exempt From No Burn Days! Serving Butte, Glenn & Tehama Counties Tues-Sat 9am-5pm • Closed Sun & Mon 22825 Antelope Blvd., Red Bluff 530-528-2221 • Fax 530-528-2229 www.thestovejunction.com Tuesday, June 12th 11AM - 10PM Please Join Us Try our Pepperoni & Cheese Pizza $500 Corning CA., Suite 135 530-824-8800 965 Hwy 99W, equity strategist at U.S. Bank Wealth Manage- ment in Cincinnati, Ohio, said it's natural for the market to have a strong day after an extended beat-down. On such days, it's usually the companies that were hit the hardest that fare best. ''In market language, Thursday, June 7, 2012 – Daily News 5A A Federal Reserve to $13.94 amid reports that the Blackstone Group and other private equity firms may try to buy a stake in the bank's commodities business. — UnitedHealth Group gained $1.66, 3 percent, to $57.70 after the health insurer said it will raise its quarterly dividend from 16 cents to 21 cents per share . The board also approved a plan to buy back stock. — Tempur-Pedic International plunged $21.28, 49 percent, to $22.39. The mattress maker said it expects quarterly profits to fall by half compared to last year. Tempur-Pedic blamed its competitors' aggressive campaigns and promo- tions for hurting its sales. marketing Sat., June 2nd 50% OFF! 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