09 Aug '11, 9pm

US stocks in solid rebound, Dow up nearly 4%

US stocks in solid rebound, Dow up nearly 4%

NEW YORK: US stocks rebounded strongly on Tuesday, with the Dow jumping nearly four percent after plummeting on Monday on the shock of Standard & Poor's downgrade of the US credit rating. The Dow Jones Industrial Average of 30 blue-chip stocks closed up 429.92 points, or 3.98 percent, to 11,239.77. The broader S&P 500 climbed 53.07 points (4.74 percent) to 1,172.53, while the tech-heavy Nasdaq jumped 124.83 points (5.29 percent) at 2,482.52. The rebound came after the markets had their worst day on Monday since the 2008 financial collapse: the Dow lost 5.6 percent, the S&P 500 6.7 percent, and the Nasdaq 6.9 percent. The surge came in the last hour, with the Dow 150 points in negative territory 45 minutes before the close. It followed an announcement by the Federal Reserve that it expected to maintain interest rates at ultra-low levels for the next two years due to economi...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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