Stocks rebound as financials rally, oil slips
SAN FRANCISCO (MarketWatch)
U.S. stocks on Tuesday came back from two days of sizeable losses to close with gains of about 1%, as comments from Bank of America Corp.’s chief executive bolstered hopes that more of the country’s banks will raise dividends.
The Dow Jones Industrial Average ended up 124.35 points, or 1.03%, at 12,214.38, led by a 4.7% gain in Bank of America, followed by a 3.5% rise in American Express Co. shares and a 2.7% rally in J.P. Morgan Chase & Co.’s stock.
The S&P 500 gained 11.69 points, or 0.9%, to 1,321.82, led by a 2.2% rise in financial stocks. Energy was the only declining sector as oil prices fell.
The Nasdaq Composite ended up 20.14 points, or 0.7%, at 2,765.77.
