Stocks move higher on comments from Geithner

Financial Crisis Posted on

Investors pushed stocks mostly higher Thursday, breaking from three days of selling, as some concerns eased about the government's sweeping financial regulatory changes.

Financial shares led the gains after Treasury Secretary Timothy Geithner appeared before a Congressional panel to discuss details of the regulatory overhaul announced the day before by President Barack Obama.

Investors got more good news from a private sector group that said its forecast of economic activity rose more than expected in May, marking a second straight month of gains after seven months of declines.

The Conference Board's index of leading economic indicators, designed to forecast activity in the next three to six months, rose 1.2 percent, above the 0.9 percent increase forecast by economists surveyed by Thomson Reuters.

Geithner's comments appeared to ease anxiety about the impact of the regulatory changes, which have been a point of worry for investors in financial shares.

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