May 24, 2013
Global shares rebound
Global equity markets rebounded today, recovering some of the previous session's sharp losses.
US stocks also rose, rebounding from two days of losses as shares of Dow component Hewlett-Packard surged on strong results. The stock jumped 14 percent to $19.52 and was the top gainer on both the Dow and the S&P 500 indexes.
The Dow Jones industrial average was up 100.45 points, or 0.72 percent, at 13,981.07. The Standard & Poor's 500 Index was up 10.51 points, or 0.70 percent, at 1,512.93. The Nasdaq Composite Index was up 23.87 points, or 0.76 percent, at 3,155.36.
In a sign that some euro zone banks may still need support, the ECB said just over 61 billion euros ($81 billion) of the 530 billion it lent at the height of the bloc's crisis last year will be repaid when banks get the first opportunity next week.
But stocks fared better in Europe as investors looked to take advantage of the previous session's sharp sell-off, though traders cited some caution given the elections in Italy.
The FTSEurofirst 300 closed up 1.2 percent at 1,165.43, having sunk 1.5 percent yesterday.
Japan's Nikkei average rose as investors scooped up bargains after the index fell sharply the previous session, though they remained cautious ahead of the Japan-US summit, the Bank of Japan governor nomination and Italy's elections.
The Nikkei ended 0.7 percent higher at 11,385.94 after dropping as much as 1.2 percent during the session on concerns over economic growth in the United States and eurozone. For the week, the benchmark advanced 1.9 percent, the second straight weekly gain.