Dow rises as Greece OKs bailout bill

NEW YORK - Four days, 480 points.

That's how the Dow Jones industrial average closed June. The Dow added more than 150 points Thursday alone after Greece cleared the final hurdle needed to receive its next installment of emergency loans. A pickup in manufacturing around Chicago also pushed indexes higher.

The stock market's gains put it on track for the best week since last July.

It was a stunning reversal from the beginning of June, when the Dow dropped nearly 280 points in one day. On June 1, reports showed that auto sales had fallen sharply in May and that companies were hiring far fewer people than expected. The late surge was not enough to turn the broader stock market positive for the month, but it brought the Dow up 0.8 percent for the quarter. The Standard & Poor's 500 index and Nasdaq composite each lost about 0.3 percent for the month.

Thursday's gains came after Greek lawmakers passed a cost-cutting bill that had to be approved before international lenders would release $17 billion in rescue funds to Greece. The country needs the money to avoid defaulting on its debt. A default by Greece could disrupt financial markets and lead to a widespread European financial crisis.

Traders were also reassured by encouraging signals about the U.S. economy. A trade group reported that manufacturing in Chicago had sped up unexpectedly in June. Analysts had forecast a decline. Earlier in the week, Nike Inc. reported earnings that were better than analysts had predicted. That led many investors to believe that high gas prices haven't stopped consumers from spending on non-necessities.

The Dow rose 152.92 points, or 1.2 percent, to 12,414.34. The S&P 500 added 13.23, or 1.0 percent, to 1,320.64. The Nasdaq composite gained 33.03, or 1.2 percent, to 2,773.52.

Companies that typically benefit from global expansion led the Dow. Intel Corp., Caterpillar Inc., and Hewlett-Packard Co. each gained more than 2.4 percent.

Stocks are still below the 2011 highs they reached in late April, when a series of weak economic reports indicated that the U.S. economy was slowing down. Since then, investors have been debating whether the slowdown is just a blip or the beginning of a long stall in the economic recovery.

The manufacturing report, along with the government's formal end to its bond-buying stimulus program known as QE2, sent bond prices lower as investors put less money into safer assets. The yield on the benchmark 10-year Treasury rose to 3.16 percent from 3.11 percent late Wednesday. Bond yields rise when prices fall.

Among U.S. companies, metals manufacturer Worthington Industries Inc. jumped nearly 10 percent after the company raised its quarterly dividend and said it would buy back up to 10 million shares of its own stock. Callaway Golf Co. fell 1.7 percent after the company shook up its leadership, announced job cuts, and said it expected to have weak results in the second quarter.