NEW YORK, New York -- U.S. stocks surged ahead on Tuesday, with the Dow Jones industrials regaining the 30,000 level despite fears of a global recession.
The market is already in a sense of a recession. Thomas Hayes, a managing member of Great Hill Capital in New York, said the second quarter could potentially be in the rear view mirror, because you had negative GDP in Q 1, so it is possible that the second quarter is negative.
The Dow Jones industrials went up 641.47 points or 2.15 percent to close Tuesday at 30,530. The Nasdaq Composite rose by 270.95 points or 2.51 percent to 4,069. The Standard and Poor's 500 added 89.95 points or 2.45 percent to 3,764. The euro was down to 1.0529 by the close of New York on Tuesday. The British pound was little changed at 1.2268. The Japanese yen plummeted to 136.60, a two-dozen year low. The Swiss franc fell to 0.9667.
The Canadian dollar was steady at 1.2917. The Australian dollar was a few points lower at 0.6968. The FTSE 100 in London added 0.42 percent on overseas markets. The German Dax rose 0.20 percent, while the CAC 40 rose 0.75 percent in Paris, France.
In Japan, the Nikkei 225 surged 475.09 points or 1.84 percent to 26,246. The Australian All Ordinaries gained 91.30 points or 1.38 percent to 6,700. In New Zealand, the S&P NZX 50 climbed 113.39 points or 1.07 percent to 10,701. The Kospi Composite in South Korea increased 17.90 points or 0.75 percent to 2,408. In Hong Kong, the Hang Seng rallied 380.35 points or 1.80 percent to 21,544. China's Shanghai Composite, which fell against the trend, fell 8.71 points or 0.26 percent to 3,306.