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Markets close with modest gains

April 11, 2012 at 5:21 PM

NEW YORK, April 11 (UPI) -- U.S. stock markets bounced back following market gains in Europe, where government borrowing rates dropped in Madrid and elsewhere.

Yields for benchmark bonds in Spain fell to 5.89 percent from 5.91 percent. Yields in France, Belgium, Germany, Holland and Britain also fell with equities mixed in Asia and higher across Europe.

In Washington, the Federal Reserve's Beige Book report said the economy expanded at a "modest to moderate pace" in mid-February through March. Expansion was noted in each of the Fed's 12 districts, the central bank said.

By close of trading on Wall Street, the Dow Jones industrial average added 89.46 points, 0.7 percent to 12,805.39.

The Nasdaq composite index rose 0.84 percent, adding 25.24 points to 3,016.46. The Standard and Poor's 500 index climbed 0.74 percent or by 10.12 points, to 1,368.71.

On the New York Stock Exchange, 2,429 stocks advanced and 644 declined on a volume of 3.5 billion shares traded.

The 10-year treasury note fell 15/32 with yields rising to 2.038 percent.

The euro rose to $1.3110 from Tuesday's $1.3081. Against the yen, the dollar rose to 80.88 yen from Tuesday's 80.68 yen.

In Tokyo, the Nikkei 225 index shed 0.83 percent, 79.28, to 9,458.74.

In London, the FTSE 100 index gained 0.7 percent, 39.19, to 5,634.74.

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