World markets: US stocks bounce back
Banks led a recovery after Wall Street's steep drop on Thursday.
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Stocks on Wall Street bounced back from Thursday’s steep loss, led by financial and healthcare shares.
The Dow Jones Industrial Average rose 70.84 points, or 0.6%, to 12,644.41, paring its first weekly decline in three weeks.
JP Morgan Chase was among the Dow's biggest advancers. Bank of America, Morgan Stanley and Wells Fargo also gained.
The S&P 500-stock index tacked on 0.7% to 1335.26. All 10 of the index's sectors traded higher, though industrials and utilities lagged behind.
The Nasdaq Composite added 1.2%, to 2892.42.
In Europe, markets were mostly lower, with the Stoxx Europe 600 down 0.7%, as more downbeat economic data weighed on sentiment. Benchmark indexes in the UK, Germany and France all rose on the week for the third week in a row.
Meanwhile, Spain's IBEX 35 index bucked the trend by rallying 1.5%, after an external audit said the country's banks will need to increase capital by up to €62 billion ($77.75 billion) to survive a worst-case scenario. That number was a lot lower than many had feared.
Asian markets were broadly lower with Japan's Nikkei Stock Average losing 0.3% but rising 2.7% on the week, its third weekly gain in a row.
Hong Kong's Hang Seng Index slumped 1.4%, down 1.2% on the week and six of the past seven.
Crude futures rose modestly after Thursday's steep losses in the oil market.
The August light sweet crude contract rose 45USc to $US78.65 a barrel in New York. The front-month Brent futures contract was up $US1.02 to $US90.27. The Nymex contract lost 4% of its value on Thursday.
Nevil Gibson
Sat, 23 Jun 2012
Sat, 23 Jun 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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World markets: US stocks bounce back
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