Summary Box: Stocks rebound from recession fears

AP News
Posted: Aug 23, 2011 5:14 PM
Summary Box: Stocks rebound from recession fears

DOW JUMPS: The Dow Jones industrial average rose 322 points to 11,176. It dipped about 60 points shortly after the quake hit the East Coast in the early afternoon, but recovered those losses within 20 minutes.

WALL STREET SHRUGS: Stocks rallied despite a pair of weak economic reports. The Commerce Department said the number of people who bought new homes dropped for the fourth month in a row. A survey from the Richmond Federal Reserve bank showed a drop in manufacturing activity, but not bad enough to suggest the U.S. was entering a recession.

OIL: Oil companies rose along with the price of crude. Exxon Mobil Corp. rose more than 4 percent.