国际英语新闻：U.S. stocks bounce as Bernanke foresees recovery in 2010

NEW YORK, Feb. 24 (Xinhua) -- U.S. stocks rebounded on Tuesday morning after Federal Reserve Chairman Ben Bernanke said the current economic recession may end this year.

    Shares plunged with all major indexes losing more than 3 percent on Monday. Dow Jones and Standard & Poor's 500 index fell to the lowest closing since 1997.

    Stocks opened higher on Tuesday as bargain hunters entered the market. The gains were further steadied after Bernanke said in his semiannual report to the Senate Banking Committee that the recession will end this year and that he would use all available tools to help end it.

    Bernanke's comments helped to offset a series of worrying economic reports.

    The U.S. Conference Board's consumer confidence index for February plunged to a record low at 25, as consumers grew more worried about the recession and soaring unemployment rate.

    Meanwhile, the S&P/Case-Shiller home price composite index of 20 metropolitan areas fell 2.5 percent in December from November, compared with a 2.3 percent decline in the previous period, S&P said in a statement.

Traders work on the floor of the New York Stock Exchange, February 11, 2009.

    In corporate earnings, Home Depot Inc., the largest home-improvement retailer, beat analysts' expectations in the fourth-quarter after cutting costs by closing a unit and holding down inventory.

    Target Corp. reported that its fourth-quarter net income dropped by 41 percent due to weaker-than-expected sales amid "uNPRecedented economic conditions."

    The Dow Jones rose 86.26, or 1.21 percent, to 7,201.04. Broader indexes also moved higher. The Standard & Poor's 500 index climbed10.60, or 1.43 percent, to 753.93, and the Nasdaq composite index gained 21.36, or 1.54 percent, to 1,409.08.