Wall Street rebounds as debt woes ease
Stocks climbed Tuesday, rebounding from the previous session’s selloff, as lingering concerns about mounting debt in Greece eased on speculation that a recovery package may be near.
Worries about European debt and the outlook for the U.S. economic recovery caused investors to flee stocks Monday. The Dow fell 1% and finished below 10,000 for the first time since November.
Economy: Investors will look to a report on wholesale inventories, which comes out later Tuesday. The government is expected to report a 0.5% increase in inventories for the month of December, according to a consensus of economist forecasts from Briefing.com. That would compare to an increase of 1.5% the prior month.
World markets: European shares gained in morning trading. In Asia, the Nikkei finished the session in negative territory but Hong Kong’s Hang Seng added 1.2%.
Commodities and the dollar: U.S. light crude oil for March delivery rose 40 cents per barrel to $72.29 on the New York Mercantile Exchange, extending modest gains from the previous session.
COMEX gold for April delivery rose $1.80 per ounce to $1,067.50.
Commodity prices were boosted by a softer dollar, which slipped 0.7% against the euro and 0.2% versus the pound. The greenback rose 0.5% against the yen.
Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.61%from 3.56% late Monday. Treasury prices and yields move in opposite directions