NEW YORK, NY - Stocks have recovered from early losses and closed modestly higher after President Barack Obama's speech on financial reform contained no unpleasant surprises.
The market fell sharply early in the day on concerns about Greece's continuing debt problems, and on fears that Obama would advocate tough restrictions on banks. When he didn't, stocks recovered. Prices also got a boost from a jump in sales of existing homes last month.
According to preliminary calculations, the Dow Jones industrials rose 9, or 0.8 percent, to 11,134. The Standard & Poor's 500 index rose 2, or 0.2 percent, to 1,208.
The Nasdaq composite index rose 14, or 0.6 percent, to 2,519. Two stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.29 billion shares.