S&P climbs 2.1% as U.S. stock markets extend rebound

ForexNewsNow | Published on July 7, 2010 at 11:29 am

NEW YORK (Forex News Now) – U.S. stocks surged on Wednesday, extending Tuesday’s rebound, as investor sentiment perked up ahead of the earnings season following an upbeat earnings forecast from a major bank.

During U.S. afternoon trading, The Dow Jones Industrial Average rose 185.5 points, or 1.9 percent, to 9,929; and the Nasdaq Composite climbed 42 points, or 2.01 percent, to 2,135.

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State Street Corp. earlier projected second-quarter profits far above market expectations, citing improving revenue trends, in key stock news. The money manager later jumped 9.3 percent, and the Standard & Poor’s 500-stock index, on which it is traded, gained 21.9 points, or 2.1 percent, to 1,005.

The gains came despite disappointing financial news from Europe.

Government data showed earlier in the day that German factory orders unexpectedly fell 0.5 percent in May compared with the previous month, as a decline in demand for metals products and fewer big-ticket orders weighed.

 

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