Stocks climb off lows after Fed signals help
ASSOCIATED PRESS August 22, 2012 8:22AM
FILE- In a Thursday, Aug. 9, 2012, file photo, trader Randy Beller, right, works on the floor of the New York Stock Exchange. The Standard & Poor's 500 index touched its highest point in more than four years Tuesday, Aug. 21, 2012, helped by more talk that the European Central Bank may buy struggling countries' bonds. But a morning rally faded, and stocks ended lower. (AP Photo/Richard Drew)
Updated: August 22, 2012 3:34PM
NEW YORK — Stocks have climbed back from their lows of the day. Investors are drawing comfort from signals that the Federal Reserve is worried about the slow economic recovery and feels more urgency about providing help.
The Standard & Poor’s 500 index, down most of the day, eked out a gain of less than a point, to 1,413.
The Dow Jones industrial average closed down 31 at 13,172. It was down as much as 83 earlier. The Nasdaq composite index added six points at 3,074.
Gold climbed $14 an ounce to $1,657, its highest level since early May.
Declining stocks beat advancers by about 3-to-2. About 3 billion shares were traded on another light summer day.