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Dow up about 250, back in black for 2015

The Dow’s gain Wednesday of around 250 points not only puts it on track to end a four-session losing skid, but it also puts the blue-chip stock index on pace for its best one-day gain since a 267-point jump back on May 8. Market indexes by the afternoon- Dow: Up 1.4%, a gain of 255 points to more than 18,000. It’s now back in the black for 2015. S&P 500: Up 1.3%. Nasdaq: Up 1.5%

 

Energy stocks led a broad rally. In the bond market, prices continued to slide, pushing the yield on the benchmark 10-year Treasury yield closer to the 2.5% level. Oil sold on the U.S. market is ticking up, now back above the $60-per-barrel level. Netflix shot to an all-time high on a potential stock split on its high per-share price tag. NFLX is up 4.5% on the day, to $677.30.

The Dow Jones industrial average’s big May 8 jump came as investors reacted to a strong April jobs report following a super-weak reading on jobs in March. “After four straight session in the red, the Dow has bounced back wth a vengeance today,” Andrea Kramer, an analyst at Schaeffer’s Investment Research, noted in a midday market update. Kramer says the bullish price action is being driven by tech and energy issues as well as a drop in the value of the U.S. dollar vs. a basket of foreign currencies, which makes exports from U.S. firms more affordable.

The rally is also gaining steam, adds Kramer, from “reports” that “Germany could unlock aid” for debt-strapped Greece if (Athens) “agrees to at least one economic reform.” The mere hint of a thaw in the deadlock between Greece and its eurozone creditors is being viewed as a major positive by Wall Street. However, stocks — which some on Wall Street had said are becoming “oversold” on Greece fears and concerns over when the Federal Reserve will start hiking short-term interest rates — are still stuck in a multi-month trading range.

In Europe, Germany’s DAX, recently knocked into correction territory, skyrocketed 2.5%. France’s CAC-40 jumped 1.8% higher and Britain’s FTSE 100 index ended up 1.1%. Japan’s Nikkei 225 index fell 0.25% to close at 20,046.36 and Hong Kong’s Hang Seng index plunged 1.1%. The Shanghai Composite lost 0.15%.