US stocks end higher; Dow has best day of 2014

February 7, 2014 at 12:00a.m.

After a rocky start to the week, U.S. stocks roared back Thursday, giving major stock indexes their biggest gain of the year.

The Dow Jones industrial average and the S&P 500 index each closed up 1.2 percent, their largest single-day increase since Dec. 18.

The rally helped the market rebound a day after a modest loss and continued a gradual comeback since a plunge of more than 2 percent Monday.

“The market was very oversold going into the day’s trading,” said Jim Russell, senior equity strategist at U.S. Bank Wealth Management.

Mortgage rates fall

WASHINGTON

Average U.S. rates for fixed mortgages fell this week as the latest data continued to indicate a pause in the housing market’s recovery.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan declined to 4.23 percent from 4.32 percent last week. The average for the 15-year loan dipped to 3.33 percent from 3.40 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.

Wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .61, 23.50 .19

Avalon Holdings,5.47—.02

Clear Channel, .61 20.75 .10

Cortland Bancorp, 10.50—.13

Farmers Nat., .126.92 .00

First Energy, 2.20, 30.41.19

FirstMerit Corp., .64,19.82 —.04

First Niles Financial, .32,6.20.00

First Place Fin., .00.00

FNB Corp., .48,11.75.11

General Motors,35.22—.02

General Electric, .76,24.92.40

Huntington Bank, .20, 9.02.18

JP Morgan Chase, 1.52,56.401.19

Key Corp, .22,12.63.25

LaFarge, 17.68 .31

Macy’s, 1.00, 52.471.12

Parker Hannifin, 1.80, 114.162.02

PNC, 1.76,79.64.83

RTI Intl. Metals,29.88—.09

Simon Prop. Grp.,4.60,155.111.18

Stoneridge 9.79 —1.02

United Community Fin. 3.38.03

Selected prices at 4 p.m. Thursday. Provided by Stifel. Not to be construed as an offer or recommendation to buy or sell any security.