US stocks rebound, shrug off Europe turmoil

NEW YORK: US stocks bounced back on Tuesday, reversing the previous
day's losses while shrugging off the spectre of more turmoil in Europe.


Commodities, industrial equipment makers and banks led the market
higher, while United Technologies was the Dow's only loser, falling 0.3
percent after announcing a new US$1.0 billion capital raising move.


At the close, the Dow Jones Industrial Average was up 162.57 points (1.31 percent) to 12,573.80.


The S&P 500-stock index added 15.25 (1.17 percent) to 1,324.18,
while the tech-heavy Nasdaq Composite surged 33.34 points (1.19
percent) to 2,843.07.



"With the strong sell-off yesterday, it was a nice sign
that the market reversed its course," said Joe Bell of Schaeffer's
Investment Research.


"While many on Wall Street will be looking toward the Greek
elections this weekend, the uncertainty surrounding euro-zone economics
will continue to amplify the current volatility and trading range-type
behaviour."


Mace Blicksilver of Marblehead Asset Management said that, Europe
aside, US investors continue to look for some more stimulus from the
Federal Reserve, although any decision could be weeks away.


Big industrial manufacturers did well: Caterpillar added 2.2
percent, Boeing jumped 3.5 percent, Deere & Co. rose 2.1 percent
and engine maker Cummins added 4.6 percent.


JPMorgan Chase jumped 2.9 percent, Citigroup climbed 4.3 percent,
Morgan Stanley rose 4.2 percent, and Bank of America was up 2.9
percent.


Gold and other miners surged as gold prices took a jump; Goldcorp
rose 2.0 percent and Freeport-McMoran gained 1.9 percent. -- AFP