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Markets hold onto rally Tuesday

Oct. 16, 2012 at 6:28 PM
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NEW YORK, Oct. 16 (UPI) -- New York stock markets rallied Tuesday following upswings in Asia and Europe.

Stocks closed out a two-day upward correction after a week long slump. Investors were encouraged Monday when the Commerce Department said retail sales rose 1.1 percent August to September.

By close of trading Tuesday, the Dow Jones industrial average gained 127.55 or 0.95 percent to 13,551.78. The Nasdaq composite index, added 36.99 or 1.21 percent to 3,101.17. The Standard and Poor's 500 index added 14.79 points or 1.03 percent to 1,454.92.

On the New York Stock Exchange, 2,273 stocks advanced and 760 declined on a volume of 3.5 billion shares traded.

The benchmark 10-year treasury note fell 18/32 to yield 1.723 percent.

The euro rose to $1.3096 from Monday's $1.2949. Against the yen, the dollar rose to 78.88 yen from 78.66 yen.

In Japan, the Nikkei 225 index added 1.44 percent, 123.38 points, to 8,701.31.

In London, the FTSE 100 index gained 1.12 percent, 64.93, to 5,870.54.

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