Another day of currency-related trading handed the stock market solid gains Tuesday.
The NYSE composite surged 1.8%, the Dow 1.5%, the S&P 500 1.3% and the Nasdaq 1.2%. Volume rose 8% on the Nasdaq and 14% on the NYSE above Monday's action.
The session pivoted on reports of a possible loan guarantee from European governments to help Greece get past its debt crisis. Fears that Greece's debt woes could spin out into larger financial problems have damaged the euro in recent weeks and hurt global stocks.
Tuesday's hopes lifted the euro and world exchanges.
Around 12:45 EST, indexes slid on reports quoting a German official who called news of a bailout unfounded. Still, U.S. indexes managed to hold the majority of their gains.
With the dollar dropping against a rebounding euro, stocks of U.S. exporters rose. Commodities climbed also. Steel, farming, mining and other related industries led the market.
Tuesday's action added another bullish plank to the market's bottoming effort.
After a positive reversal Friday, indexes fell in lower volume Monday. Tuesday's gain in higher trade continued the favorable price and volume action.
5:15 p.m. Update: Stocks recouped Monday's losses and then some Tuesday as bailout hopes for Greece lifted sentiment.
The NYSE composite ran up 1.8%, but down from 2.6% at session peak. The Dow rallied 1.5%, closing back above the psychological 10,000 level. Meanwhile, the S&P 500 and the Nasdaq gained 1.3% and 1.2%, respectively.
Volume jumped on both exchanges.
The dollar pulled back against the euro. Gold and oil also rallied.
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