US stocks rally; Dow crosses 10,000 mark
Wall Street surged Wednesday, recovering from last week's drubbing, with a stronger euro allaying investors' concerns about a European debt crisis and amid speculation that European banks will pass "stress tests", dpa reported
US retailers advanced after the International Council of Shopping Centres said sales were growing at the fastest pace since 2006, lowering fears of a decline in consumer confidence that would in turn hamper economic recovery, Bloomberg financial news reported.
The blue-chip Dow Jones Industrial Average added 274.66 points, or 2.82 per cent, to close at 10,018.28.
The broader Standard & Poor's 500 Index was up 32.21 points, or 3.13 per cent, to 1,060.27. The technology-heavy Nasdaq Composite Index climbed 65.59 points, or 3.13 per cent, to 2,159.47.
All three indices were down more than 4.5 per cent last week, which was punctuated by a disappointing unemployment report on Friday that sowed further doubts in the strength of the recovery.
The US currency fell to 79.14 euro cents from 79.23 euro cents on Tuesday. The dollar gained against the Japanese currency to 87.71 yen from 87.52 yen.