Stocks make a U-turn, climb after big decline

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NEW YORK (AP) -- Stocks are opening sharply higher, a day after their worst loss of the year.

The Dow Jones industrial average is up 106 points in the opening minutes of trading, to 12,822, recouping half of yesterday's 214-point plunge. The broader Standard & Poor's 500 is up 13 points to 1,371. The Nasdaq composite index is up 26 points to 3,017.

The yields on long-term bonds for Spain and Italy are falling slightly Wednesday, a sign that investors are less nervous about the financial health of the two countries.

Alcoa's better-than-expected first-quarter results also soothed investors' concerns about earnings growth in for big U.S. corporations. If the Dow closes higher, it will be the first gain since April 2.