FILE – In this Friday, May 31, 2013 file photo, trader Richard Cohen, center, works on the floor of the New York Stock Exchange. Stock markets in Europe recovered their poise Thursday June 6, 2013 despite a big retreat earlier in Asia earlier and a glitch that temporarily affected several major exchanges. (AP Photo/Richard Drew, File)
NEW YORK (AP) — An afternoon rally on Wall Street gave the stock market its best day in nearly three weeks Thursday.
The Standard & Poor’s 500 index was down 10 points and falling at 12:30 as traders reacted to a slump in overseas markets. It seemed headed for another sell-off like Wednesday’s 22-point drop. But the index reversed course and rose the rest of the day. It closed with a gain of 13.66 points, or 0.9 percent, at 1622.56.
The gain broke a two-day losing streak as traders looked ahead to the government’s monthly employment report Friday.
Retail stocks mostly rose after several store chains reported higher sales for May. Costco gained $1.92, or 1.8 percent, to $111.09.
Financial markets have turned volatile over the past two weeks as traders parse comments from Federal Login to read more