Stocks stage late rally, erasing early losses
Monday, October 3, 2011
NEW YORK (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.