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Stocks jump in early trading on Wall Street

May 10, 2012|By Andrew Tangel
  • A trader on the floor of the New York Stock Exchange.
A trader on the floor of the New York Stock Exchange. (Richard Drew / Associated…)

NEW YORK -- U.S. stocks turned toward ending their losing streak in early trading on Wall Street.

The Dow Jones industrial average was up 88 points, or 0.7%, to 12,920 shortly after the opening bell. The Dow had fallen below 13,000 points on Monday.

The broader Standard & Poor’s 500 index rose 11 points, or 0.8%, from its two-month low to 1,365.

The technology-heavy Nasdaq was up 0.7 points, or 0.02%, to 2,935.

The gains followed European stock markets paring their earlier losses.

Spain’s benchmark stock index, the IBEX 35, was up 235 points, or 3.5%, to 7,047, following news that the country's government would take over a debt-plagued lender to boost confidence in the nation's banking system.

Uncertainty over the future of the euro common currency has rattled markets this week following elections in Greece and France that signaled a shift in cost-cutting fiscal policies to address Europe's debt crisis.

Despite disappointing employment gains in April, the U.S. Labor Department reported Thursday that new claims for unemployment fell from the previous week.

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