US stocks. gained yesterday as investors bought shares beaten down in recent weeks and bet European leaders would take action soon to ease the Greek debt crisis. Worries the Eurozone crisis could tip the global economy into another recession have pummeled stocks, though the selling has reached a level that some argue a Greek default is priced in to the market.
Investors appeared to be pinning hopes on progress being made during a conference call planned between Eurozone leaders today.
Buyers pushed large-cap tech shares higher. They are viewed by some as less risky stock bets and an area likely to benefit in an improving economic climate. Some analysts said the market had factored in more negative scenarios so that any improvement in Europe would be a reason to buy.
The Dow Jones industrial average was up 44.73 points, or 0.40 per cent, at 11,105.85. The Standard & Poor’s 500 Index was up 10.60 points, or 0.91 per cent, at 1,172.87. The Nasdaq Composite Index was up 37.06 points, or 1.49 per cent, at 2,532.15.