Stocks push off mid-morning lows as investors restart the advance.[M]
Stocks gained near midday Tuesday, recharging a stalled morning advance sparked by surging markets around the globe.
Investors battled against the day's economic news, including reports
that showed consumer confidence plunged to an all-time low and that
home prices tumbled for a 25th consecutive month.
The major gauges tumbled Monday, ending at more than five-year lows as
recession fears countered relief that the government's programs to
revive lending have finally gotten underway.
Stocks have gotten hammered in October, with all three major gauges
losing at least 25%. Global markets have been beaten down as well. But
investors took a break from all the selling Tuesday, opting to get back
into a variety of issues, with oil services, gold and other commodity
shares leading the way.
Company news: Boeing and its biggest union have reached a
tentative deal that could end the longest strike at the company in more
than a decade. Boeing shares rallied 4%.
Treasury prices slumped, raising the yield on the 10-year note to 3.79% from 3.68% late Monday. U.S. light crude oil for December delivery gained 48 cents to $63.70 a barrel after ending the previous session at a 17-month low .
COMEX gold for December delivery fell $11.40 to $731.50 an ounce.
