News Column

US Markets Stage Comeback Early

Feb 26, 2013

U.S. stock indexes rebounded Tuesday morning, quickly regaining about half of what was lost in Monday's rout.

Analysts have said markets are overdue for a downward correction but stocks found support from two home price reports released Tuesday that indicated the housing market finished 2012 with strong gains.

The Federal Housing Finance Agency said home prices rose 1.4 percent in the fourth quarter over the third quarter. The S&P/Case-Shilling home price report said its national composite index posted a gain of 7.3 percent on the year.

In midmorning trading, the Dow Jones industrial average added 105.80 points or 0.77 percent to 13,889.97. The Standard and Poor's 500 gained 7.96 points or 0.54 percent to 1,495.81 points. The Nasdaq composite added 13.18 points or 0.42 percent to 3,129.43.

The 10-year U.S. treasury fell 6/32 to yield 1.891 percent.

Against the dollar the euro rose to $1.3075 from Monday's $1.3062. Against the yen, the dollar was higher at 92.23 yen from 91.82 yen.

In Tokyo, the Nikkei 225 closed at 11,398.81 points, down 263.71 points or 2.26 percent.

Source: Copyright United Press International 2013

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