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US STOCKS-S&P, Nasdaq up 1 pct as market rebounds
March 6, 2007 / 2:58 PM / in 11 years

US STOCKS-S&P, Nasdaq up 1 pct as market rebounds

(Updates to early morning)

By Caroline Valetkevitch

NEW YORK, March 6 (Reuters) - U.S. stocks jumped on Tuesday, pushing the S&P 500 and Nasdaq composite indexes more than 1 percent higher, as Wall Street joined Asian and European markets in a rebound after the recent global sell-off.

Shares of Google Inc. (GOOG.O) shot up 1.7 percent to $448.55 on the Nasdaq after Chief Executive Eric Schmidt said the Web search company is working more closely with Apple Inc. (AAPL.O) For details, see [ID:nN05330007]. Apple shares rose 2 percent to $88.01.

Altria Group Inc. (MO.N) shares were among the top positives on the S&P and Dow industrials after Deutsche Bank raised its rating on the tobacco company, saying the upgrade was based on valuation. [ID:nBNG232739] Shares were up 1.5 percent at $83.47.

“We are starting to see levels that are becoming oversold. One measure to look at is the RSI 14 (relative strength index), which is getting to levels that would suggest stocks may start to stabilize from here,” said Steve Goldman, market strategist at Weeden & Co. in Greenwich, Connecticut. Connecticut.

The Dow Jones industrial average .DJI was up 100.54 points, or 0.83 percent, at 12,150.95. The Standard & Poor's 500 Index .SPX was up 14.31 points, or 1.04 percent, at 1,388.43. The Nasdaq Composite Index .IXIC was up 30.97 points, or 1.32 percent, at 2,371.65.

Takeover news, including U.S. bank Citigroup Inc.’s (C.N) bid for Japanese broker Nikko Cordial Corp. 8603.T, also aided the advance, analysts said.[ID:nT329841]. Citigroup shares gained 1.4 percent to $49.91.

Share indexes across most of Asia rose between 1 percent and 2 percent, breaking a five-day slide. European shares .FTEU3 advanced 1 percent.

Data on factory orders is due at 10 a.m. (1500 GMT)

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