Connect to share and comment
The Dow Jones Industrial Average rose 1.1% after the Group of Eight leaders voiced support for debt-laden Greece to stay in the euro zone.
US stocks rebounded today after their worst weekly performance of the year.
According to Reuters, investor sentiment improved after leaders from the Group of Eight major economies voiced support for debt-stricken Greece to stay in the euro zone.
Spirits were also boosted by Chinese Premier Wen Jiabao’s calls at the weekend for more action to support growth in the world’s second-largest economy.
That was enough to offset an 11 percent drop in Facebook’s shares on its second day of trading. The social networking giant closed at $34.03, well below its $38 issue price.
“The markets were both technically and psychologically oversold and were due for a bounce," Prudential Financial market strategist Quincy Krosby was quoted by Dow Jones Newswires as saying.
"We're getting that bounce, but it's against a backdrop of promise and hope that you're going to hear an announcement from the Europeans and perhaps from the Chinese on more stimulus."
The Dow Jones Industrial Average rose 135.10 points, or 1.1%, to 12,504.48, the S&P 500 gained 20.77 points, or 1.6%, to 1315.99 and the tech-heavy Nasdaq added 68.42 points, or 2.5%, to 2847.21, according to Agence France-Presse.
US shares had fallen for six straight sessions after disappointing US jobs and manufacturing data added to fears that Greece could abandon the euro zone.