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US stocks bounce back

New York - US stocks bounced back on Tuesday, reversing the previous day's losses while shrugging off the spectre of more turmoil in Europe.

Commodities, industrial equipment makers and banks led the market higher, while United Technologies was the Dow's only loser, falling 0.3% after announcing a new $1.0bn capital raising move.

At the close, the Dow Jones Industrial Average was up 162.57 points to 12,573.80.

The S&P 500-stock index added 15.25 to 1 324.18, while the tech-heavy Nasdaq Composite surged 33.34 points to 2 843.07.

"With the strong sell-off yesterday, it was a nice sign that the market reversed its course," said Joe Bell of Schaeffer's Investment Research.

"While many on Wall Street will be looking toward the Greek elections this weekend, the uncertainty surrounding eurozone economics will continue to amplify the current volatility and trading range-type behaviour."

Mace Blicksilver of Marblehead Asset Management said that, Europe aside, US investors continue to look for some more stimulus from the Federal Reserve, although any decision could be weeks away.

Big industrial manufacturers did well: Caterpillar added 2.2%, Boeing jumped 3.5%, Deere & Co. rose 2.1% and engine maker Cummins added 4.6%.

JPMorgan Chase jumped 2.9%, Citigroup climbed 4.3%, Morgan Stanley rose 4.2%, and Bank of America was up 2.9%.

Gold and other miners surged as gold prices took a jump; Goldcorp rose 2.0% and Freeport-McMoran gained 1.9%.

Bonds retreated. The yield on the 10-year Treasury bond rose to 1.66% from 1.60% on Monday, while the 30-year bond edged up to 2.77% from 2.72%.

Bond prices and yields move in opposite directions.

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