US STOCKS-Wall St jumps as euro-zone fears wane

* IBM leads blue-chip advance

* Tech and industrial sectors are top gainers

* Dow up 1.5 pct, S&P up 1.4 pct, Nasdaq up 2.1 pct

* For up-to-the-minute market news see [STXNEWS/US]
(Updates to late afternoon, changes byline)

By Rodrigo Campos

NEW YORK, May 12 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) rallied on
Wednesday, lifted by technology and industrial shares after
Spain unveiled an austerity plan that further eased investor
concerns about the fiscal health of some European countries.

International Business Machines Corp (IBM.N: ) provided the
top lift to the Dow, adding 4.2 percent to $132.15.

Intel Corp (INTC.O: ) was the Nasdaq’s most active stock, up
3.6 percent at $26.09.

Investors have been worried about a possible European
credit and economic crisis as sovereign debt problems in
Greece appeared to spread to other economies.

But Spain revealed a plan on Wednesday to slash civil
service pay and cut public-sector jobs, just a few days after
EU finance ministers approved a 750 billion euro ($1 trillion)
bailout package to stem the debt crisis, cheering investors.
For details, see [ID:nLDE64B0SK]

“There was some concern about whether Spain would be
serious about the measures it would have to take, so the moves
it’s making is a positive signal,” said John Massey, portfolio
manager at SunAmerica Asset Management in Jersey City, New
Jersey.

Massey said cyclical companies with a lot of international
exposure, including those in the tech and industrial sectors,
had been especially vulnerable to the issues in Europe,
adding: “That’s why they’re having a relief rally today.”

The Dow Jones industrial average (.DJI: ) gained 155.61
points, or 1.45 percent, to 10,903.87. The Standard & Poor’s
500 Index (.SPX: ) rose 16.34 points, or 1.41 percent, to
1,172.13. The Nasdaq Composite Index (.IXIC: ) jumped 49.34
points, or 2.08 percent, to 2,424.65.

Money

(Additional reporting by Ryan Vlastelica; Editing by Jan
Paschal)

US STOCKS-Wall St jumps as euro-zone fears wane