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Wall Street jumps after Europe banks shares bounce
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US stocks mid-day
NEW YORK: US stocks rose on Wednesday as worries about Europe's banking system decreased, easing risk aversion. The Dow Jones industrial average was up 71.41 points, or 0.69 per cent, at 10,412.10. The Standard & Poor's 500 Index was up 9.43 points, or 0.86 per cent, at 1,101.27. The Nasdaq Composite Index was up 24.13 points, or 1.09 per cent, at 2,233.02.
US bank stocks recovered from Tuesday's losses following a bounce in European bank shares. JPMorgan Chase and Co gained 2.7 per cent to $39.32, while the S&P financial sector index rose 1.6 per cent. "Overall we're still locked in a fairly narrow trading range, and that's consistent with the jerky pattern of how the economy here and in developing worlds is unfolding," said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania. US-traded shares of BP Plc rose 3.3 per cent at $38.40 after it issued an internal report on the rig explosion that led to the worst US oil spill ever and the death of 11 crew members. BP deflected much of the blame, claiming drilling contractor Transocean Ltd missed danger signs and criticized the cementing of the well conducted by Halliburton Co. Transocean gained 2.1 per cent to $54.14, while Halliburton added 1.4 per cent to $30.25.
Staples Inc was up 2.3 per cent to $19.10, and Costco Wholesale Corp rose 0.6 per cent to $58.99 after Goldman Sachs upgraded their stocks. -Reuters
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