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Wall Street rallies on more confidence about earnings, Europe

April 17, 2012|By Joe Bel Bruno
  • Wall Street races higher, tech stocks leading the way.
Wall Street races higher, tech stocks leading the way. (Scott Eells / Bloomberg )

Investors poured back into U.S. stocks on Tuesday, with the Dow Jones industrial average surging more than 200 points after a strong batch of earnings reports and an improving economic picture in Europe.

With a few hours left in the trading day, major U.S. indexes were up more than 1.5%. The blue-chip Dow index rose 198.14, or 1.5%, to 13,119.67, and the broader Standard & Poor's 500 index jumped 21.40, or 1.6%, to 1,390.98. The Nasdaq composite notched its best performance in more than three weeks, rising 57.83, or 1.9%, to 3,046.22.

Apple Inc. appeared to be pulling both the Nasdaq and S&P 500 higher. The technology giant rose 3% to above $604 per share after falling for five straight sessions.

The rebound in U.S. indexes followed a rally in European markets after the Spanish government sold $4.2 billion in short-term debt. The sale had a robust demand by investors, and helped to boost confidence that Europe is keeping its finances in check.

Traders will get a hint after the closing bell if Wall Street will maintain the momentum. IBM Corp and Yahoo Inc. are set to post results after the closing bell. Shares of both tech companies were up more than 2%.

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