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The Dow Jones industrial average gained 184.06 points, or 1.70
percent, to 10,993.91. The Standard & Poor's 500 Index rose 26.31
points, or 2.35 percent, to 1,145.77. The Nasdaq Composite Index
advanced 72.67 points, or 3.08 percent, to 2,430.36.
Federal
Reserve policy-makers began meeting Tuesday morning, and a Fed statement
is due at 2:15 p.m EDT. While the central bank isn't expected to debut
any new program to help asset prices, selling could re-emerge if there's
no indication that help is on the way.Analysts were conflicted
over what to expect from the statement, as some were unsure what action,
if any, the Fed has left at its disposal.
Standard & Poor's downgrade of the U.S. credit rating late
Friday, removing the nation's perfect triple-A designation for the first
time in history, sparked the stock market's huge sell-off and
underlined fears a recession was inevitable, given increasing signs of
slowing growth and more turmoil in the euro zone.
According to a
Reuters poll, the U.S. faces one-in-four odds of slipping back into
recession, though the economic outlook is raising the likelihood of new
Fed action.
Even though fear remained a dominant emotion in the
markets, analysts said stocks could be nearing a bottom. They noted the
S&P 500 was now more technically oversold than at any other time in
the last 10 years, with its 14-day relative strength index at 16.5
percent. A level below 20 generally attracts buyers.
Bank shares
ranked among the best performers, as the S&P financial index climbed
4 percent. Bank of America Corp, the S&P's biggest decliner on
Monday, shot up 7.4 percent to $6.99.
percent, to 10,993.91. The Standard & Poor's 500 Index rose 26.31
points, or 2.35 percent, to 1,145.77. The Nasdaq Composite Index
advanced 72.67 points, or 3.08 percent, to 2,430.36.
Federal
Reserve policy-makers began meeting Tuesday morning, and a Fed statement
is due at 2:15 p.m EDT. While the central bank isn't expected to debut
any new program to help asset prices, selling could re-emerge if there's
no indication that help is on the way.Analysts were conflicted
over what to expect from the statement, as some were unsure what action,
if any, the Fed has left at its disposal.
Standard & Poor's downgrade of the U.S. credit rating late
Friday, removing the nation's perfect triple-A designation for the first
time in history, sparked the stock market's huge sell-off and
underlined fears a recession was inevitable, given increasing signs of
slowing growth and more turmoil in the euro zone.
According to a
Reuters poll, the U.S. faces one-in-four odds of slipping back into
recession, though the economic outlook is raising the likelihood of new
Fed action.
Even though fear remained a dominant emotion in the
markets, analysts said stocks could be nearing a bottom. They noted the
S&P 500 was now more technically oversold than at any other time in
the last 10 years, with its 14-day relative strength index at 16.5
percent. A level below 20 generally attracts buyers.
Bank shares
ranked among the best performers, as the S&P financial index climbed
4 percent. Bank of America Corp, the S&P's biggest decliner on
Monday, shot up 7.4 percent to $6.99.
