Quantcast

Stocks rebound on earnings, debt-limit proposal

Published July 19, 2011 8:09 am

This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Strong profits and a bipartisan plan to lift the U.S. debt limit are driving a stock market rebound.

The Dow Jones industrial average gained 202 points Tuesday, its largest one-day jump this year.

Stock indexes rose after Coca-Cola, IBM and other companies reported better second-quarter earnings. Stocks added to their gains after President Barack Obama praised a proposal by six senators that would raise the country's debt ceiling.

The Dow gained 1.6 percent to close at 12,587.

The S&P 500 rose 21 points or 1.6 percent, to 1,327. That's the broader index's best day since March 3. The Nasdaq gained 61 points, or 2.2 percent, to 2,827.

Four stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average at 3.9 billion shares.