Surprise! Stocks post best day of the year

Brendan Mcdermid / REUTERS

Traders on the floor of the New York Stock Exchange Wednesday.

By msnbc.com news services

Stocks jumped Wednesday, chalking up their strongest day of 2012, as signs of moves in Europe to rescue Spain's troubled banks sparked a rebound from recent selling.

The Dow Jones industrial average closed with a gain of 287 points. The broader S&P 500 and the technology-focused Nasdaq composite index also rallied strongly.

The market was ripe for a rebound after the broader market dropped more than 6 percent in May, analysts said.

A gloomy jobs report and signs of a global economic slowdown hammered Wall Street Friday, wiping out the stock market?s gains for 2012. However, Wednesday?s advance lifted stocks back into positive territory for 2012.

"The evidence was there that the market was at least getting close to the point of seller exhaustion. Once that happens, the pressure to cover short positions increases," said Chris Burba, a short-term market technician at Standard & Poor's in New York, who noted that volume levels also increased on Friday.

Increasing optimism that central bankers will move to boost the economy and signs of urgent moves in Europe also lifted stocks.

European sources said German and European Union officials sought solutions for Spain's weakened banks, the latest worry in the fiscally troubled euro zone, although Madrid has not yet requested assistance and is resisting political conditions.

Adding to the slightly more upbeat news on the economy, the Federal Reserve said in its Beige Book summary that U.S. economic growth picked up over the two prior months and hiring showed signs of a modest increase.

Underscoring the difficulty in tackling the euro zone crisis, European Central Bank President Mario Draghi suggested further stimulus to tackle the euro zone's debt crisis would not necessarily be forthcoming. The ECB left interest rates unchanged following its meeting Wednesday.

The S&P 500 remains up 4 percent for the year so far, but is well off its highs of 2012.

U.S. non-farm productivity fell more than expected in the first quarter as companies gave more hours to employees but only modestly expanded output.

Facebook Inc is making it easier for advertisers to reach the growing ranks of users on smartphones and mobile devices, taking a significant step toward addressing one of investors' most pressing concerns and broadening its appeal to marketers. The stock rose on the news.

On the down side, shares of Tempur-Pedic International sank after revising its full year forecast.

Reuters contributed to this report.

Analysts examine the day's strong move for stocks.

acapulco mexico hines ward alex smith alex smith robert deniro mexico news the talented mr ripley

Now clean, 'Door of Paradise' goes to Italy museum

AAA??Jun. 7, 2012?3:06 PM ET
Now clean, 'Door of Paradise' goes to Italy museum
PAOLA BARISANIPAOLA BARISANI, Associated Press??

In this undated photo provided by the Opera di Santa Maria del Fiore, a woman restores the original panel of the "Door of Paradise" in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/Nicol? Orsi Battaglini, ?Opera di Santa Maria del Fiore)

In this undated photo provided by the Opera di Santa Maria del Fiore, a woman restores the original panel of the "Door of Paradise" in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/Nicol? Orsi Battaglini, ?Opera di Santa Maria del Fiore)

In this undated photo provided by the Opera di Santa Maria del Fiore, a copy of the original panel of the "Door of Paradise" is seen in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/?Opera di Santa Maria del Fiore)

In this undated photo provided by the Opera di Santa Maria del Fiore, Lorenzo Ghiberti's self portrait is seen on the original panel of the "Door of Paradise" before and after 27 years of restoration in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/OPD Salvio, ?Opera di Santa Maria del Fiore)

In this undated photo provided by the Opera di Santa Maria del Fiore, a particular of the original panel of the "Door of Paradise" is seen after 27 years of restoration in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/Antonio Quattrone, ?Opera di Santa Maria del Fiore)

In this undated photo provided by the Opera di Santa Maria del Fiore, a particular of the original panel of the "Door of Paradise" is seen after 27 years of restoration in Florence, Italy. The original gilded bronze door, so splendid it was dubbed the "Door of Paradise" by Michelangelo, will be seen again in Florence after 27 years of restoration to remove damage by pollution, vandalism and the wear and tear of centuries. But Lorenzo Ghiberti's 15th-century door won't be going back in its place on the baptistry of Florence's duomo, or cathedral. Starting in September, it will go on display in a Florence museum, Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage. (AP Photo/Antonio Quattrone, ?Opera di Santa Maria del Fiore)

ROME (AP) ? An eight-ton gilded bronze door so splendid Michelangelo dubbed it the "Door of Paradise" will be unveiled to the public again after 27 years of restoration work.

But Lorenzo Ghiberti's 15th-century door ? which bears scenes from the Old Testament ? won't be going back in its place on the baptistery of Florence's duomo, or cathedral. Instead, starting on Sept. 8, it will go on display in a case at a Florence museum, the Museo dell'Opera di Santa Maria del Fiore, to preserve it from renewed damage.

Culture Minister Lorenzo Ornaghi announced the destiny of the baptistery's east door at a news conference in Rome on Thursday.

During World War II, the "Door of Paradise" was temporarily removed from the baptistery to spare it from damage, only to see it battered by the raging, muddy waters of the Arno River during the 1966 flood that devastated much of Florence.

Six of its 10 panels were ripped away by the force of the flood. The panels were re-attached, only to be ravaged over time by pollution.

A copy was put in its place in 1990 after the original was sent off for restoration.

Officials told reporters that the baptistery's south door, by sculptor Andrea Pisano, and its north door, also by Ghiberti, are being restored and will also end up in the museum.

Ghiberti's masterpiece is one of several Italian art treasures to end up in a museum following restoration.

The four gilded bronze horses on the facade of St. Mark's Basilica in Venice were moved inside St. Mark's museum in 1982 and replaced outside by copies.

In the heart of Rome, the 1,800-year-old bronze equestrian statue of Emperor Marcus Aurelius, badly eroded by pollution, was removed from its outdoor perch in 1981 atop the Capitoline Hill for restoration and is now a star of the Capitoline Museums. A replica of the statue adorns the square outside the museum.

"When you take an artwork from its original context, it is always a defeat," Cristina Acidini, a Florence museums official, told The Associated Press. However, she added, it is a "necessary process to save the original."

Associated Press

mike daisey nicollette sheridan apple dividend snow white and the huntsman snow white and the huntsman peyton manning rupaul drag race