Stock market soars in late-day rally

May 29, 2009 5:01:15 PM PDT
A late day shot of adrenaline has sent stock prices soaring and given the big market indexes their third straight monthly gain. After fluctuating much of the day on mixed economic data, prices shot higher right before the close. Professional investors closing their books for the month were able to grab hold of solid gains. A rally in commodities based on optimism about the economy also helped stocks.

The Dow Jones industrial average rose 96 points, or 1.2 percent, to 8,500. The Standard & Poor's 500 index rose 12, or 1.4 percent, to 919. The Nasdaq composite index is up 22, or 1.3 percent, at 1,774.

The Dow ended the week up 2.7 percent, and all three indexes rose for the third month in a row.

Rising issues were ahead of falling ones by more than 3 to 1 on the New York Stock Exchange, where volume came to 1.86 billion shares.

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