US stocks resume rebound

 

Stocks resumed their rebound in New York yesterday after a one-day setback, as the early rush of company reports on the third quarter remained generally encouraging.

The Dow Jones industrial average swung from an early 60-point drop to a 110-point gain, but finished just 30.64 points - or 0.4 pr cent - higher at 7,968.78 thanks to a late pullback.

Broader indexes fared better than the Dow, which fell 63 points on Tuesday, interrupting a rally that began last Thursday as the market approached new lows for the year.

The Nasdaq composite, which took the heaviest pounding before last week's turnaround, rose 2 per cent as leading technology names continued to meet or beat Wall Street's profit projections.