Major indices rebounded in midday trading after yesterday’s decline, responding to an interest rate cut in China, calmer global markets and rising U.S. home sales.
The S&P 500 was up 1.5% to 1,921.30. The Dow Jones Industrial Average was up 1.5% to 16,116.24. The Nasdaq was up 2.3% to 4,628.68.
The yield on a 10-year Treasury bond was up 5.2% to 2.10%.
The price of gold was down 1.3% to $1,137.
SERVICES
Irvine-based Autobytel Inc. was up 3% to $17.22 and a $181 million market cap. The automobile sales leads provider had by midday traded its 90-day full-day average of shares twice.
BANKING
Costa Mesa-based Pacific Mercantile Bancorp was up 5% to $7.44 and a $147 million market cap. The bank holding company by midday had traded about five times its 90-day full-day average of shares.
