Dow rebounds after hitting 7-month low

08:33, June 09, 2010      

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The Dow Jones average rebounded on Tuesday after hitting a 7-month low as Federal Reserve Chairman Ben Bernanke gave upbeat remarks on the U.S. economy recovery.

The Fed chief said that the U.S. recovery probably began sometime late last summer, and that consumer spending and business investments appear to be taking over from the fading government stimulus in lifting the economy. His assessment also eased worries that a slowdown in Europe will spread across the Atlantic.

The euro rebounded against the U.S. dollar on Tuesday as European Union finance ministers agreed Tuesday on far-reaching steps to tighten oversight of national governments' budgets and crack down on falsification of economic data, in a concerted effort to avert a further loss of confidence in the euro.

Shares of McDonald's Corp. rose 2.43 percent, to 68.38 U.S. dollars after the company said Tuesday its global comparable store sales rose 4.8 percent last month.

DuPont gained 4.11 percent, to 35.49 dollars as the Agriculture Department approved the company's new soybean for cultivation in the United States.

The Dow Jones Industrial Average rose 123.49, or 1.26 percent to 9,939.98. The Standard & Poor's 500 Index was up 11.53 points, or 1.10 per cent, at 1,062.00. The Nasdaq Composite Index was down 3.33 points, or 0.15 per cent, at 2,170.57.



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