US stocks jumped yesterday, giving the S&P 500 its best day since December, as talk of a rescue of Spain’s troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling.
After a six per cent fall by the S&P 500 in May that took the index below its key 200-day moving average on Friday, the market was ripe for a rebound, analysts said. Buying was strong across the broad market, with all 10 S&P 500 sectors gaining ground.
The Dow Jones industrial average was up 286.84 points, or 2.37 per cent, at 12,414.79. The Standard & Poor’s 500 Index was up 29.63 points, or 2.3 per cent, at 1,315.13. The Nasdaq Composite Index was up 66.61 points, or 2.4 per cent, at 2,844.72.
The S&P 500 is now up 4.6 per cent for the year so far, but remains well off its highs of the year.