U.S. stocks recover from worst week since last March

08:14, January 26, 2010      

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U.S. stocks recovered from last week's decline on Monday as market embraced the prospect of Ben Bernanke serving a second term as the Fed chairman.

The U.S. Senate Republican leader predicted confirmation of Bernanke as head of the Federal Reserve, removing a major source of uncertainty for investors since naming a new Fed chairman would have worried investors about how a new leader could reshape monetary policy.

U.S. stocks suffered their worst three-day decline since March bottom last week after U.S. President Obama proposed to impose new limits on the size of the nation's biggest banks as well as restrict their risk-taking abilities and Bernanke's reaffirmation suddenly appeared shaky.

Meanwhile, the National Association of Realtors said existing home sales fell 16.7 percent in December, the biggest drop on record, as prospective buyers were granted more time to take advantage of a tax credit.

Oil prices rebounded above 75 U.S. dollars, sending energy and basic material sectors rising.

The Dow Jones rose 23.88, or 0.23 percent, to 10,196.86. Broader indexes also went higher. The Standard & Poor's 500 index gained 5.02, or 0.46 percent, to 1,096.78 and the Nasdaq added 5. 51, or 0.25 percent, to 2,210.80.

Source: Xinhua
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