U.S. stocks rebound from last week’s rout

U.S. stocks rose for a second session Monday, as energy and natural-resource companies rebounded along with commodities after last week’s rout, but concerns lingered over how long Wall Street’s eight-month rise could last.

“We’re still in an intermediate uptrend – and should be – as long as the Fed is there to support us,” said Mike Rubino, CEO of Rubino Financial Group, of the Federal Reserve’s current bond-buying program.

The Dow Jones industrial average gained 45.94 points to finish at 12,684.68, with 20 of its 30 components ending the session in positive territory, including shares of McDonald’s Corp., up 0.8 percent after the fast-food chain reported a rise in global sales for last month.

The S&P 500 added 6.09 points to 1,346.29, with energy and natural-resource stocks faring best and financials the sole laggards.

As oil futures closed above $102 a barrel in New York, energy companies on the Standard & Poor’s 500 Index collectively rose 1.6 percent

The Nasdaq Composite Index rose 15.69 points to 2,843.25.1997.

 

FDIC chair leaving post at end of five-year term

Sheila Bair is stepping down as chairman of the Federal Deposit Insurance Corp. this summer, ending a five-year term in which she helped craft the government’s response to the 2008 financial crisis.

Bair will leave her post as one of the top banking regulators July 8, the FDIC said Monday.

She was among the first officials to raise concerns about the explosion of high-risk lending to borrowers with bad credit. Under her tenure, the agency closed the most banks since the savings and loan crisis. That included Washington Mutual, the nation’s largest bank failure.

The FDIC is charged with maintaining public confidence in the banking system. The agency guarantees bank deposits up to $250,000.

Vice Chairman Martin Gruenberg is considered a likely candidate to succeed her.

Copy the Story Link