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U.S. stocks rebound from Tuesday sell-off

Xinhua, May 28, 2015 Adjust font size:

U.S. stocks jumped in the morning session on Wednesday, as investor sentiment was boosted by the improvement on the Greek debt crisis.

At midday, the Dow Jones Industrial Average added 111.18 points, or 0.62 percent, to 18,152.72. The S&P 500 gained 14.51 points, or 0.69 percent, to 2,118.71. The Nasdaq Composite Index increased 46. 77 points, or 0.93 percent, to 5,079.52.

With no major economic data due Wednesday, investors shifted their focus to the Greek debt situation. Greek Prime Minister Alexis Tsipras reportedly said on Wednesday that the negotiations were on the "final stretch" towards a positive deal. European equities rose sharply on the news.

In corporate news, Tiffany shares soared 11.54 percent around midday Wednesday after reporting better-than-expected quarterly results.

The jewelry retailer's net earnings declined 17 percent to 81 cents per diluted share on revenue of 962.4 million dollars for its latest quarter. Wall Street had expected the company to report earnings of 70 cents per share on 919 million dollars in revenue, according to analysts polled by Thomson Reuters.

Michael Kors announced its financial results for the fourth quarter ended March 28, 2015. The company's quarterly total revenue increased 17.8 percent to 1.1 billion dollars, essentially in line with expectations. However, the luxury brand reported its slowest sales growth in three and a half years, and its full-year forecast is below market estimates as well. Its shares plummeted 23.35 percent around midday.

U.S. stocks suffered big losses on Tuesday, as investors digested a string of data releases and Federal Reserve Chair Janet Yellen's speech. Endite