US stocks rise sharply on bargain-hunting

Bargain hunters surfaced on Wall Street today, sending stocks sharply higher after two days of steep declines left blue chips and tech shares at four- and six-year lows.

“The markets coming in today were considered somewhat oversold, so you had a reflex rally,” said Steven Goldman, chief market strategist at Weeden & Co. in Greenwich, Conn. ”A lot of companies are now stating they were affirming forecasts and that led to a little reprieve.”