VIDEO: US Stocks Rise After Big Fall
Bargain hunters fuel gains after worse Dow day since 2008
STAN CHOE AP Business Writer
August 09, 2011NEW YORK (AP) -- Bargain hunters are pushing stocks up in midday trading, and the Dow briefly rose above 11,000.
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The Dow Jones industrial average is up 180 points, or 1.7 percent, at 10,990. On Monday, it had its worst day since 2008, plunging 634.76 points. The S&P 500 is up 26, or 2.3 percent, to 1,145. The Nasdaq is up 74, or 3.1 percent, at 2,432.
Peter Coleman, head of equity research at JMP Securities called the gains a relief rally. He said there was nothing new to make investors feel better or worse but some investors saw good values in stocks.
Traders are also looking ahead to Tuesday afternoon, when the Federal Reserve will issue a policy statement about interest rates and any other actions the central bank might be planning.