Stocks rally in late afternoon, end mostly higher

By msnbc.com staff and news services

A back-and-forth trading day on Wall Street ended with stocks mostly positive Tuesday.

Shares were mixed much of the session with the Dow Jones industrial average slightly higher most of the day, the Nasdaq lower and the S&P crossing negative and positive several times.

Late in the afternoon the indexes turned higher amid a report European leaders might create a second bailout fund to supplement the one they have already agreed to. The second fund would nearly double the capacity of Europe's financial rescue programs, the Financial Times reported.

According to preliminary calculations, the the Dow Jones industrial average ended up 52.30, or 0.43 percent to 12,150.13. The S&P 500 rose 1.39, or 0.11 percent, to 1,258.47. The Nasdaq was up 6.20, or 0.23 percent to 2,649.56.

Investors seemed unclear of what S&P?s Monday threat to eurozone countries would mean. The rating agency warned 15 countries that it could ?downgrade their credit ratings within the next 90 days. Rumor of the announcement dampened a rally Monday.

"Honestly, I don't think anyone is extremely surprised by more potential downgrades in the European front," Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, in Cincinnati, told Reuters.

"You throw in potential downgrades on 15 out of 17 European countries, and it is encouraging for the market to show this much resilience as overbought near-term as it is."

The Associated Press and Reuters contributed to this report.

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Source: http://bottomline.msnbc.msn.com/_news/2011/12/06/9254646-stocks-rally-in-late-afternoon-end-mostly-higher

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