US stocks rose overnight as investors snapped up beaten-down shares after a three-day slide and a nearly 2 per cent jump in oil prices boosted demand for energy companies.
Major indexes had fallen earlier in the day after weaker-than-expected durable goods data.
The Dow Jones industrial average was up 90.07 points, or 0.68 per cent, at 13,427.73. The Standard & Poor's 500 Index was up 13.45 points, or 0.90 per cent, at 1506.34.
The Nasdaq Composite Index was up 31.19 points, or 1.21 per cent, at 2605.35.
Shares of Bear Stearns Cos. rose 2.8 per cent to $US143.31. Sources said the company made moves to bolster its two troubled hedge funds.
A sharp rise in crude oil prices after the US Government reported a surprise decline in USgasoline supplies lifted shares of Exxon Mobil Corp. and other energy companies.
Exxon was up 2 per cent at $US83.48. Strength in technology and energy helped push aside the market's concerns about the turmoil in the subprime mortgage market, which contributed to three straight sessions of losses, and stocks extended gains just before the close.
”The market's at levels now where we can start to withstand some of the news regarding the subprime woes,'' said Steve Goldman, market strategist, Weeden & Co. in Greenwich, Connecticut.
source:www.news.com.au
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