US stocks rally after Monday’s rout
More News from Agence France-Presse
NEW YORK—US stocks rallied strongly Tuesday as investors took Monday’s market rout as a buying opportunity.
At the closing bell, the Dow Jones Industrial Average jumped 155.81 (1.07 percent) to 14,755.01.
The broad-based S&P 500 increased 22.14 (1.43 percent) to 1,574.50, while the tech-rich Nasdaq Composite Index added 48.14 (1.50 percent) to 3,264.63.
The gains ended a two-day losing streak for US markets.
US markets reacted to solid housing starts data and good earnings reports from Coca-Cola, Johnson & Johnson and others. But markets were also primed to move higher after a sharp sell-off Monday following weak China economic data and the Boston explosions, which killed three and wounded more than 170.
“Markets got a little exuberant on the down side,” especially in the metals and mining sphere, said Mace Blicksilver, Marblehead Asset Management.
Tuesday’s gains were “a little bit of a reflex rebound from yesterday’s sell-off,” said Michael James, managing director of equity trading at Wedbush Morgan Securities.
Get Inquirer updates while on the go, add us on these chat apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94