NEW YORK, July 22 (Xinhua) -- U.S. stocks rallied Tuesday afternoon after crude closed below 128 dollars a barrel and investors snapped up shares of undervalued financial companies.
The market initially fell on heightened concerns about the continuing impact of the housing market's downturn that led to the credit crisis. However, a 4 drop in oil persuaded investors to wade back into equities -- including downtrodden banks and brokerage.
The Dow Jones Industrial Average climbed 135.16 points to 11,602.5. The S&P 500 rose 17 points to 1,277.00, while the Nasdaq Composite gained 24.43 points to 2,303.96.
