Markets closed in mixed fashion on Monday following a surprise decline in U.S. factory orders. The Dow was down 0.1% while the S&P 500 was flat and the Nasdaq was up 0.5%. However, Tuesday the Dow broke a 4-day losing streak buoyed by unexpectedly strong service-sector data. The U.S. nonmanfacturing sector’s expansion accelerated in May contrary to expectations. The Dow, S&P 500 and Nasdaq rose 0.2%, 0.6%, and 0.7%, respectively. Come mid-week, stocks surged to their biggest daily gains seen this year as investors took solace Wednesday that central banks could cope with the economic troubles in Europe and the U.S. The Dow jumped 2.4%, its largest rise since mid-December and the S&P 500 saw a similar gain. Stocks close modestly up on Thursday on the news that China is cutting its interest rate to spur its slowing economy. The momentum carried into Friday as stocks rallied on the rumor of a potential Spanish bank bailouts. The Dow gained 0.7% and saw its biggest weekly gain since December. The S&P 500 rose 0.8%.

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