US stocks rallied yesterday as investors rushed back into beaten-down shares, led by energy, which bore the brunt of the sell-off a day earlier.
The energy sector handily led the way up with the S&P energy index gaining 4.3 per cent.
US-listed shares of BP climbed 3.1 per cent to $37.66 even as the company hit a snag in its latest effort to halt the oil spill in the Gulf of Mexico. The stock is down close to 38 per cent since the rig explosion on April 20.
The Dow Jones industrial average gained 225.52 points, or 2.25 per cent, to 10,249.54. The Standard & Poor’s 500 Index rose 27.67 points, or 2.58 per cent, to 1,098.38. The Nasdaq Composite Index climbed 58.74 points, or 2.64 per cent, to 2,281.07.
About 9.08bn shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq.