Stocks Soar, Dow Surges 550 Points Higher

NEW YORK - OCTOBER 01: A trader smiles gestures another for a high-five on the floor of the New York Stock Exchange October 1, 2007 in New York City. Today the Dow Jones industrial average reached an all time intraday high of 14,115.51 before a record closing of 14,087.55. (Photo …
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U.S. stocks jumped Tuesday, sending a broad range of shares higher and erasing some of the losses from last week’s sell-off,

The Dow Jones Industrial Average rose by 448 points, or 2.17 percent. The S&P 500 climbed 2.14 percent, with all 11 sectors rising. The Nasdaq Composite moved up 2.89 percent. The small-cap Russell 2000 index rose 2.8 percent.

It was the best one-day performance for stocks since spring.

Analysts said strong corporate earnings and better than expected economic data were behind Tuesday’s soaring stock prices.

The yield on the 10-year U.S. Treasury note, which recently had climbed above 3.2 percent, held steady at around 3.161 percent Tuesday. Last week, many investors pointed to rising rates as a trigger for the sell-off.

Stocks were up all around the world–with the notable exception of China. The Stoxx Europe 600 jumped 1.6 percent. Japan’s Nikkei rose 1.3 percent. The Shanghai Composite closed down 0.9 percent.

 

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