Summary
Bruised and battered Wall Street managed a sharp turnaround as the trading session ended Thursday, ahead of the Memorial Day holiday. After European debt woes kept pushing the euro down and world markets stepped in tandem on economic uncertainty, a report that said China planned to sell its European debt reserves was repudiated by the agency that manages China's foreign reserves. That news reassured investors and sent stocks shooting up in relief, even as some market-watchers expected a break in the selling following the recent slump. "It's like a 100-year flood - having three of them in a year," said Peter Tuz, president of Chase Investment Council in Charlottesville, Va. "That to me was an indication that the market was clearly oversold."
Oil rose too, on the prospect of Asian growth and more positive economic news about the U.S. recovery. "Persistent fears about the (European) region's sovereign debt situation keep sentiment fragile and oil prices under pressure," Barclays Capital said in a report. "The risk to oil prices is clearly skewed to the upside, once this initial fear about the eurozone fades and fundamentals return to being the focus of the market." The Journal Record Index added 33.02 points, or 3.73 percent, and closed at 917.32. Advancing issues bypassed declining issues at a 28-to-9 count.See the full content of this document
Extract
Stocks Surge As China Gives Nod to European Debt
Continental Resources was the top dollar gainer after Wells Fargo upped...
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