Stocks on Wall Street rose across the board as rosy earnings forecast in the financial sector and deal activity in technology buoyed investors.The Dow Jones Industrial Average crashed back through the 10,000 barrier to close at 10,018.28, a jump of 274.66
Stocks on Wall Street rose across the board as rosy earnings forecast in the financial sector and deal activity in technology buoyed investors.
The Dow Jones Industrial Average crashed back through the 10,000 barrier to close at 10,018.28, a jump of 274.66 points, or 2.8%.
The S&P 500 index and the Nasdaq Composite both rose 3.1% to finish at 10060.27 and 2159.47 respectively.
Money-manager State Street rose 10% after it projected second-quarter profit well above analysts' forecasts, citing improving revenue trends.
Among the financial sector's other gainers,Amex rose 4.3%, JP Morgan Chase climbed 4.0% and Bank of America rose 3.9%.
Cisco Systems climbed 4.4% and Hewlett-Packard advanced 3.5%. Energy stocks were strong as crude-oil futures rose nearly 3% above $US74 a barrel. Chevron rose 1.1% and Exxon Mobil added 1%.
Other markets: Europe up, Asia down
European stocks reversed early losses as banks led a late rally that helped major measures finish in positive territory.
Bank advanced as news about the looming European financial-system stress tests began to trickle into the market. The final results of the stress tests are due on July 23.
Earlier in the session, the European Parliament backed rules to limit bankers' bonuses and reinforce capital requirements. The stricter rules on capital would take effect in 2012.
The pan-European Stoxx 600 index ended up 1.4% at 246.06. The UK's FTSE 100 finished up 1.0% at 5014.82, pushing it above the 5000 level. Germany's DAX gained 0.9% to 5992.86 and France's CAC 40 closed up 1.8% at 3483.44.
Asian stocks largely declined after weak US data refueled worries about the strength of the global economic recovery. Technology shares dropped, unimpressed by Samsung Electronics' forecast of a record operating profit.
Japan's Nikkei Stock Average fell 0.6% to 9279.65, Australia's S&P/ASX 200 gave up 0.5% to 4254.57, Korea's Kospi lost 0.6% 1775.65, Taiwan's Taiex slipped 0.2% to 7534.46 and India's Sensex gave up 0.9% to 17,471.03.
China's Shanghai Composite Index ended 0.5% higher at 2421.12 after enduring a choppy trading session, as gains in consumer and cement stocks offset broad declines in banks. Hong Kong's Hang Seng Index dropped 1.1% to 18,857.07.
Commodities: Oil, gold up
Crude futures ended a six-session losing streak as the US Energy Information Administration revised upward its global oil demand forecast.
Light, sweet crude for August delivery settled $US2.09, or 2.9%, higher at $US74.07 a barrel in New York after settling on Tuesday at its lowest level in a month. Brent crude on the ICE futures exchange traded $US1.05, or 1.5%, higher at $US72.50 a barrel.
Gold futures also made gains as the optimistic economic sentiment that boosted commodities and stocks spread to the precious metal.
The gold contract for August delivery settled $US3.80, or 0.3%, at $US1198.90 an ounce in New York.
Currencies: Euro up, dollar down
The euro recovered most of its intraday losses against the dollar, as US stocks rallied and demand for riskier assets increased.
The euro was at $US1.2594 from $US1.2621 late on Tuesday. The dollar was at ¥87.23 from ¥87.52, while the euro was at ¥109.86 from ¥110.46.
The UK pound was at $US1.5181 from $US1.5140.
