U.S. Stocks Jump as Wall-Street Gains almost 4.1% in Final Hour

Quotes with Resistance & Support

Market Information

U.S. Stocks Jump as Wall-Street Gains almost 4.1% in Final Hour

This article was posted on Oct 5, 2011 and is filed under Market News

U.S. stocks rallied, driving the Standard & Poor’s 500 Index up 4.1 percent in the final 50 minutes, amid speculation European Union officials are examining how to recapitalize the region’s banks. Treasuries fell and the euro rallied.

The S&P 500 surged 2.3 percent to 1,123.95 at 4 p.m. New York time, sparing the benchmark measure of U.S. equities its first bear market, or 20 percent retreat from a peak, since 2009. Yields on Treasury 10-year notes climbed 7 basis points to 1.83 percent. The euro appreciated 1.3 percent to $1.3352. Futures on Germany’s DAX Index pared their loss to 1 percent from 4.9 percent.

Equities rebounded after the S&P 500 fell below 1,090.89, the closing level required to give the index a 20 percent slump from the three-year high reached on April 29. Stocks rose after the Financial Times quoted Olli Rehn, European commissioner for economic affairs, as saying there is an “increasingly shared view” that the region needs a coordinated approach to halt the sovereign debt crisis. After U.S. markets closed, Belgian Prime Minister Yves Leterme said a “bad bank” to hold Dexia SA’s troubled assets will be set up. For more visit: Bloomberg.com

Note: The Credit of this post goes to the original witters of this post and not to NSEGUIDE