US stocks rose yesterday, recovering some ground from last week’s sharp selloff as investor angst about the Eurozone’s fiscal crisis was offset by data showing the US economy’s services sector grew faster than expected in May.
However the technical rebound was expected to be temporary and weak.
Financial stocks ranked among the best performers. The S&P 500 financial sector index gained 1.5 per cent, significantly outperforming other sectors. Bank of America shares shot up 2.6 per cent to $7.08 and JPMorgan added 3.1 per cent to $31.96.
The Dow Jones industrial average added 24.60 points, 0.20 per cent, to 12,125.91. The Standard & Poor’s 500 Index rose 6.59 points, 0.52 per cent, to 1,284.77. The Nasdaq Composite Index gained 15.70 points, or 0.57 per cent, to 2,775.71.