New York, NY (AP) - Stocks are closing with a late afternoon rally
on reports that European officials were working on a plan to prop
up the region's struggling banks.
The jump erased earlier losses that put the S&P 500 index
through the threshold indicating a bear market. Concerns about
Greece's debt sent the market down in early trading. Stocks
regained some ground after Federal Reserve Chairman Ben Bernanke said the central bank can take more steps to stimulate the economy.
The Dow closed with a gain of 153 points, or 1.4 percent, to
10,809. The S&P 500 gained 25, or 2.2 percent, to 1,124. The Nasdaq
rose 69, or 3 percent, to 2,405.
Two stocks rose for every one that fell on the New York Stock
Exchange. Volume was heavy at 6.9 billion shares.
(Copyright 2011 by The Associated Press. All Rights Reserved.)