The stock market closed higher, following the lead of financial stocks as the heads of several big banks testified before Congress about the financial crisis. Stocks fluctuated early Wednesday but strengthened as the questioning of bank officials proceeded with little in the way of confrontation. Industries seen as safer in a weak economy, like health care and utilities, posted some of the biggest gains.
The Dow Jones industrial average rose 53.51, or 0.5 percent, to 10,680.77.
The Standard & Poor’s 500 index rose 9.46, or 0.8 percent, to 1,145.68.
The Nasdaq composite index rose 25.59, or 1.1 percent, to 2,307.90.
For the week:
The Dow is up 62.58, or 0.6 percent.
The S&P is up 0.7, or less than 0.1 percent.
The Nasdaq is down 9.27, or 0.4 percent.
For the year:
The Dow is up 252.72, or 2.4 percent.
The S&P is up 30.58, or 2.7 percent.
The Nasdaq is up 38.75, or 1.7 percent.