US STOCKS-Wall St lifted by bargain hunters

* Durable goods orders boosted by aircraft

* New home sales better than expected

* Geithner urges united action on debt crisis

* Indexes up: Dow 0.7 pct, S&P 1 pct, Nasdaq 1.4 pct

* For up-to-the-minute market news see [STXNEWS/US]

By Edward Krudy

NEW YORK, May 26 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) rose on Wednesday,
a day after markets clawed back from a steep sell-off and as
U.S. Treasury Secretary Timothy Geithner flew to Europe to
press for united action to tackle the region’s deepening debt
crisis.

Industrial and bank shares were among the top gainers as
Wall Street bounced back from a correction that pushed the S&P
500 down over 10 percent. Citigroup Inc (C.N: ) climbed 3.7
percent to $3.92, while Boeing Co (BA.N: ) added 3.3 percent to
$64.87 after brokerages raised their ratings, citing their
undervaluation.

Homebuilder stocks were lifted after a report showed sales
of newly built U.S. single-family homes rose in April to their
highest level in nearly two years as buyers rushed to benefit
from a government tax credit. For details, see [ID:nN26186476]

Lennar Corp (LEN.N: ) rose 2.5 percent to $17.58, while the
Dow Jones homebuilder index (.DJUSHB: ) jumped 2.2 percent.

“I think the market really overreacted,” said Nick Kalivas,
vice president of financial research and senior equity index
analyst, at MF Global. “You’ve basically seen a comeback from
the lows and that has essentially created some positive
momentum.”

The Dow Jones industrial average (.DJI: ) was up 70.51
points, or 0.70 percent, at 10,114.26. The Standard & Poor’s
500 Index (.SPX: ) was up 9.98 points, or 0.93 percent, at
1,084.01. The Nasdaq Composite Index (.IXIC: ) was up 30.19
points, or 1.37 percent, at 2,241.14.

Technology issues were also among the leaders, with Apple
Inc (APPL.O: ) up 2.5 percent to $251.23, and Google Inc (Read more about Google Stock Analysis) (GOOG.O: )
adding 2 percent to $486.58.

The CBOE volatility index (.VIX: ), a gauge of market
turbulence, fell 13 percent, returning to levels seen before
the Spanish government took over a local lender on May 22,
spurring fears about the strength of Europe’s financial
system.

Geithner pressed leaders to work with Washington on a
consistent approach to financial reform as the European Union
said it might go it alone with a crisis levy on banks. The
euro-zone debt crisis has shaken world markets and fueled fears
about a double-dip recession. [ID:nLDE64P1NG]

Commodity prices also bounced back after steep declines.
Oil futures rose 3.7 percent to top $71 a barrel after a report
showed a drop in U.S. gasoline stockpiles.

That helped energy companies like Anadarko Petroleum Corp
(APC.N: ), which rose 2.7 percent to $54.25, and Schlumberger Ltd
(SLB.N: ), which advanced nearly 2.4 percent to $59.85.

U.S. indexes have technically entered a correction, falling
more that 10 percent from a recent peak on April 23. But
Tuesday’s late rally pushed the Dow industrials back above the
psychologically important 10,000 level.

Stock Market Money

(Reporting by Edward Krudy; editing by Jeffrey Benkoe)

US STOCKS-Wall St lifted by bargain hunters