Wall Street bounces back as global shares recover

Blue-chip stocks on Wall Street posted their first increase in seven sessions, shrugging off a steep decline in Facebook's newly public stock.

The Dow Jones Industrial Average was up 1.1%, or 135.10 points, to 12,504.48 at the close (8am NZ time).

JP Morgan Chase fell 2.5% as CEO Jamie Dimon said the bank would suspend its share-repurchase programme but not its dividend in the wake of a more than $US2 billion trading loss.

The S&P 500 Index was up 1.6% to 1315.99, with technology the best performer among its 10 sectors. The Nasdaq Composite was up 2.5% to 2847.21.

Apple shares rallied, reversing from a three-week downspin, as a handful of brokers reiterated their bullish views of the company's flagship iPhone business.

The stock rose 4.4% after shedding as much as 12% from late-April to last Friday's close.

Other markets: Europe, Asia up
Most European stock markets rebounded from heavy losses to end higher, but the euro remained under pressure.

The Stoxx Europe 600 index closed up 0.5%, to 240.17 as the leading bourses bounced back.

Weekend polls also showed growing support for Greek conservatives, fuelling hopes that the New Democracy party may be able to secure a majority in next month's elections.

This could lead to a government that is more willing to meet the European Union's terms for staying in the eurozone.

The UK's FTSE 100 finished up 0.7%, to 5304.48, Germany's DAX rose 1%, at 6331.04, and France's CAC-40 added 0.6%, to 3027.15.

However. Italy's FTSE MIB closed down 0.3%, at 13012.04, Greece's ASE dropped 1%, to 544.56 and Spain's benchmark IBEX 35 index closed down 0.7%, at 6524.

Asian markets mostly climbed after G-8 leaders affirmed they want Greece to remain in the eurozone and Chinese Premier Wen Jiabao raised hopes of further policy easing.

Japan's Nikkei finished 0.3% up to 8633.89, Australia's S&P ASX 200 recovered 0.7% to 4073.60, and Korea's Kospi regained 0.9% to 1799.13.

Chinese markets were little moved despite reassuring words from Mr Wen. The China Shanghai SE Composite was up 0.2% to 2348.30, while Hong Kong's Hang Seng Index finished the day down 0.2% down at 18922.32.

Commodities: Oil up, gold down
Crude-oil prices rebounded after ending at a nearly seven-month low. Crude for June delivery rose 34USc, or 0.4%, to $91.83 a barrel in New York.

Gold futures fell. The June delivery declined $US3.20, or 0.2%, to $US1588.70 an ounce in New York.

Currencies: Euro slips
The euro gave up small gains against the US dollar. The euro was at $US1.2767 compared with $US1.2780 late on Friday and at ¥101.24 from ¥100.98.

The pound traded at $US1.5811 compared with $US1.5819. The dollar bought ¥79.30 from ¥79.01 and fetched 0.9405 Swiss franc from 0.9398 franc.