US stocks rise after big fall


Tags: , , ,

Submitted: Tue, 08/09/2011 - 4:22pm
Updated: Tue, 08/09/2011 - 7:25pm
By:

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Bargain hunters are pushing stocks up in midday trading, and the Dow briefly was above 11,000.

The Dow Jones industrial average is up 180 points, or 1.7 percent, at 10,990. On Monday, it had its worst day since 2008, plunging 634.76 points. The S&P 500 is up 26, or 2.3 percent, to 1,145. The Nasdaq is up 74, or 3.1 percent, at 2,432.

Peter Coleman, head of equity research at JMP Securities called the gains a relief rally. He said there was nothing new to make investors feel better or worse but some investors saw good values in stocks.

Traders are also looking ahead to Tuesday afternoon, when the Federal Reserve will issue a policy statement about interest rates and any other actions the central bank might be planning.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Leave a Reply