May 26, 2010
US stocks staged a furious late-day rally on Tuesday to push the S&P 500 into positive territory as the focus shifted from European debt woes to buying after shares hit six-month lows.
Major US indexes had fallen more than 3 per cent early in the session on growing questions about the stability in the European banking system after the failure of a small Spanish bank over the weekend.
- What you need to know
- The SPI was up 65 points at 4339
- The Australian dollar was buying 82.89 US cents
- The Reuters Jefferies CRB index was down 1.26%
It’s a selling climax. This has all the looks to me of a capitulation,” said Keith Springer, president of Springer Financial Advisors in Sacramento, California.
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