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US stocks surge, getting a boost from China’s rally

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STEVE ROTHWELL, AP Business Writer

NEW YORK (AP) — Stocks are closing sharply higher, bouncing back from a drop last week, as the market’s recent bout of volatility continues.

The Dow Jones industrial average jumped 390 points, or 2.4 percent, to 16,492 Tuesday. That’s the Dow’s second-biggest gain this year following an even bigger surge two weeks ago.

The Standard & Poor’s 500 index climbed 48 points, or 2.5 percent, to 1,969. The Nasdaq composite rose 128 points, or 2.7 percent, to 4,811.

Markets also rose in China and Europe.

Several companies were making big moves following deal news.

Meredith jumped 9 percent after agreeing to be acquired by fellow Media General, and Teco Energy soared 25 percent after agreeing to be bought by Emera.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.19 percent.

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