Dow Surges Over 200 Points

Stocks jumped higher today, accelerating into the close, on positive economic data and a rebound in beaten-up energy stocks.

The Dow finished up 226 points to close at 10,250, the Nasdaq rose 59 points and the S&P 500 rose 28 points.

This morning's positive pending home sales report gave stocks a jump-start and they didn't look back. Pending home sales for the month of April rose 6 percent, bolstered by the federal government tax incentive that offered up to $8,000 for first time homebuyers and $6,500 for existing home owners, which expired on April 30.

Positive auto sales numbers in May also provided support for stocks. Ford (NYSE: F) saw May sales jump 22 percent, while its sales to rental companies and the government rose 32 percent. Sales at GM increased 17 percent, but sales at it four remaining core brands, Chevrolet, Buick, GMC and Cadillac, rose 32 percent. Beleaguered Japanese automaker Toyota Motor Corp. (NYSE: TM) saw sales rise a at far slower rate than the rest of the competition, with a 6.7 percent rise.

With many energy stocks down nearly 30 percent since the Deepwater Horizon explosion and oil leak on April 20, many saw healthy rebounds today as bargain hunters pick through the wreckage and short sellers lock-in gains. BP plc (NYSE: BP), which is down 39 percent since the spill, rose 3 percent today. Halliburton (NYSE: HAL) jumped 12 percent today, after losing 36 percent since the spill.

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