All three market gauges post sharp gains after Tuesday's sell-off helped by economic data and moves by officials in China to steady financial markets. Jeanne Yurman reports.
U.S. stocks rebounding from Tuesday's selloff, with nerves about weakness in China easing a bit after its central bank took measures once again to steady its financial markets. The Dow and the S&P added nearly two percent while the Nasdaq rose nearly two and a half percent. Positive economic data also helped propel stocks higher, says Wunderlich Securities' Art Hogan. SOUNDBITE: ART HOGAN, CHIEF MARKET STRATEGIST, WUNDERLICH SECURITIES IN (ENGLISH) SAYING: "I think, you've got a bit of bargain hunting environment going on now on the heels of some better-than -expected data and certainly the expectations that the economic data will continue to look pretty good this week." Payrolls processor ADP reported the private sector added 190,000 jobs in August, slightly below forecasts. Though productivity rose during the second quarter to its strongest pace in one and a half years. The Fed's Beige Book, a snapshot of nationwide business activity, showed expansion across most regions from July to mid-August. And thanks to strong demand for autos, new orders rose for U.S. factory goods rose in July. Turning to stocks, shares of market heavy weight Apple gave the biggest boost to the three major market indices rebounding after a steep slide Tuesday. And shares of GoPro took a dive after its key chip supplier, Ambarella, forecast lower shipments ahead - investors worried it signals a decline in wearable-camera sales. In Europe, stocks rose on China's steps to shore up its financial markets.