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http://online.wsj.com/article/SB1000...153843594.html
Stocks erased a steep loss late in the day amid a report that China may come to the aid of the euro zone.
The Dow Jones Industrial Average closed up 68.99 points, or 0.6%, at 11061.12, its first gain in three days. It was a volatile session in which the measure fell by as much as 167 points, before an upward burst of 183, or 1.7%, in the final hour of trading. The Standard & Poor's 500-stock index gained 8.04 points, or 0.7%, to 1162.27. The Nasdaq Composite rose 27.10 points, or 1.1%, to 2495.09.
Stocks clawed back into positive territory late in the day after a report in the Financial Times said China was in talks with Italy for "significant" purchases of government bonds, which would help one of Europe's most heavily indebted governments. Earlier in the day, investors had been preoccupied with worries that Greece's sovereign-debt crisis was coming to a head.
"For the Chinese to come in and back their debt [would be] a vote of confidence at a time when confidence is at a shortfall," said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management.
Technology stocks were a source of relative strength throughout the session. Chip stocks fared especially well after Broadcom agreed to acquire NetLogic Microsystems for $3.7 billion. NetLogic soared 16.21, or 51%, to 48.12, while Broadcom shed 38 cents, or 1.1%, to 33.06.
Intel gained 58 cents, or 2.9%, to 20.28, leading the Dow. Micron Technology led the S&P 500, rising 34 cents, or 5.3%, to 6.69.
Meanwhile, stock markets in Europe and Asia ended sharply lower, with some shares hitting multiyear lows, amid fears about euro-zone sovereign debt and a possible Greek default.
Banks bore the brunt of the selloff in Europe, while financial firms and exporters led the declines in Asia. French bank stocks plunged amid worries that Moody's Investors Service could downgrade them this week due to their holdings of Greek government debt.
"Many banks, if they truly write down their Greek debt to where it probably should be, may have a capital problem," said Bernard Horn, president of Polaris Capital Management in Boston.
The Stoxx Europe 600 index ended down 2.5%, at 218.93, having hit an intraday low of 216.76, its lowest level in over two years. The U.K.'s FTSE 100 closed 1.6% lower, at 5129.62. Germany's DAX slumped 2.3%, to 5072.33, falling below the 5000-mark during the session for the first time since July 2009 before recovering. France's CAC-40 closed down 4%, at 2854.81, its lowest point since April 2009.
Japan's Nikkei Stock Average fell 2.3%, to 8535.67, its lowest closing level since April 2009, while Hong Kong's Hang Seng index fell 4.2%, to 19030.54, its lowest close since May 2010. Australia's S&P/ASX 200 lost 3.7%, to 4038.50, Singapore's Straits Times Index fell 2.9%, to 2743.58, and India's Sensex fell 2.2%, to 16501.74. South Korean, Taiwanese and mainland Chinese markets were closed for holidays.
http://online.wsj.com/article/SB1000...153843594.html
Stocks erased a steep loss late in the day amid a report that China may come to the aid of the euro zone.
The Dow Jones Industrial Average closed up 68.99 points, or 0.6%, at 11061.12, its first gain in three days. It was a volatile session in which the measure fell by as much as 167 points, before an upward burst of 183, or 1.7%, in the final hour of trading. The Standard & Poor's 500-stock index gained 8.04 points, or 0.7%, to 1162.27. The Nasdaq Composite rose 27.10 points, or 1.1%, to 2495.09.
Stocks clawed back into positive territory late in the day after a report in the Financial Times said China was in talks with Italy for "significant" purchases of government bonds, which would help one of Europe's most heavily indebted governments. Earlier in the day, investors had been preoccupied with worries that Greece's sovereign-debt crisis was coming to a head.
"For the Chinese to come in and back their debt [would be] a vote of confidence at a time when confidence is at a shortfall," said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management.
Technology stocks were a source of relative strength throughout the session. Chip stocks fared especially well after Broadcom agreed to acquire NetLogic Microsystems for $3.7 billion. NetLogic soared 16.21, or 51%, to 48.12, while Broadcom shed 38 cents, or 1.1%, to 33.06.
Intel gained 58 cents, or 2.9%, to 20.28, leading the Dow. Micron Technology led the S&P 500, rising 34 cents, or 5.3%, to 6.69.
Meanwhile, stock markets in Europe and Asia ended sharply lower, with some shares hitting multiyear lows, amid fears about euro-zone sovereign debt and a possible Greek default.
Banks bore the brunt of the selloff in Europe, while financial firms and exporters led the declines in Asia. French bank stocks plunged amid worries that Moody's Investors Service could downgrade them this week due to their holdings of Greek government debt.
"Many banks, if they truly write down their Greek debt to where it probably should be, may have a capital problem," said Bernard Horn, president of Polaris Capital Management in Boston.
The Stoxx Europe 600 index ended down 2.5%, at 218.93, having hit an intraday low of 216.76, its lowest level in over two years. The U.K.'s FTSE 100 closed 1.6% lower, at 5129.62. Germany's DAX slumped 2.3%, to 5072.33, falling below the 5000-mark during the session for the first time since July 2009 before recovering. France's CAC-40 closed down 4%, at 2854.81, its lowest point since April 2009.
Japan's Nikkei Stock Average fell 2.3%, to 8535.67, its lowest closing level since April 2009, while Hong Kong's Hang Seng index fell 4.2%, to 19030.54, its lowest close since May 2010. Australia's S&P/ASX 200 lost 3.7%, to 4038.50, Singapore's Straits Times Index fell 2.9%, to 2743.58, and India's Sensex fell 2.2%, to 16501.74. South Korean, Taiwanese and mainland Chinese markets were closed for holidays.
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