(NEW YORK) — The markets recovered after Monday’s sell-off following some reassuring words from a Fed official.
The Dow soared 163 points, closing at 12,573.80 and bouncing back from Monday’s 143-point loss. The Nasdaq rose 33, with 2,843 at the close, and the S&P closed at 1,324, a 15-point gain.
The calming influence on investors comes from Charles Evans, the president of the Federal Reserve’s Chicago bank. He says he supports more action to stimulate the economy and produce faster job growth.
World markets remain on edge, however, over new worries about Europe’s plan to rescue Spain’s ailing banks. The main concern is if the plan can contain the debt crisis, or if it’ll spread to other countries, such as Italy.
Copyright 2012 ABC News Radio
Heather Long, CNN
Ralph Ellis, CNN