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Stocks jump; Dow notches best gain in 2 weeks

Stocks jump; Dow notches best gain in 2 weeks

August 23rd, 2011 in News

NEW YORK (AP) - The Dow Jones industrial average is closing with its biggest gain in nearly two weeks.

Investors were picking up beaten-down stocks Tuesday after fears that the U.S. would slip into a recession pounded the market over the last month.

The Dow rose 322 points, or 3 percent, to close at 11,177. That's its best day since it jumped 423 points Aug. 11. It dipped about 60 points shortly after the quake hit the East Coast in the early afternoon, but recovered within minutes.

The S&P 500 index rose 39 points, or 3.4 percent, to 1,162. The Nasdaq rose 101 points, or 4.3 percent, to 2,446.

Five stocks rose for every one that fell on the New York Stock Exchange. Trading volume was higher than average at 5.2 billion shares.