Stocks recover from swoon to close nearly flat

Proving that rumors of the mainstream media's demise may be greatly exaggerated, New York Times columnist Paul Krugman managed to move the markets this afternoon with his prediction that the U.S. economy will pull out of recession later this year. The Dow Jones industrial average quickly climbed shot up to its highest point of the trading session after his remarks before retreating somewhat. It closed up just over 1 point at 8,764.

Financial stocks fared well, with American Express (AXP), Bank of America (BAC), Citigroup (C) and JPMorgan Chase (JPM) all gaining. Meanwhile, McDonalds (MCD) and Wal-Mart (WMT) both fell. The Dow had shed as much as 130 points as falling commodity prices spooked traders looking for signs of an economic turnaround.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap up.