New York, Feb 17 (DPA) US stocks rose strongly Tuesday amid some positive manufacturing data from New York and gains in financial shares and commodities.
Bank of America led the financial gains after reporting an unexpected rise in mortgage loans. Better-than-expected earnings from Britain’s Barclay’s Plc also bolstered the sector.
The price of oil jumped nearly 4 percent to $77.01 per barrel and copper prices also rose, spurring metal and energy producers.
The Federal Reserve Bank of New York reported the quickest growth in the region’s manufacturing sector in four months, spurring hopes that a broader recovery in the US private sector was taking hold.
EU finance ministers meanwhile backed a Greek plan for massive cuts in its budget deficit over the coming years, though Athens will have to present further belt-tightening measures to the EU by March 15. Greek’s debt woes have rattled markets for weeks.
The blue-chip Dow Jones Industrial Average surged 169.67 points, or 1.68 percent, to 10,268.81. The broader Standard & Poor’s 500 Index jumped 19.36 points, or 1.8 percent, to 1,094.87. But the technology-heavy Nasdaq Composite Index climbed 30.66 points, or 1.4 percent, to 2,214.19.
The gains came after stocks were closed Monday for the US President’s Day holiday.
