US stocks rose sharply today, led by strong gains among the blue chips and mortgage lender Countrywide Financial Corp., which said it had lined up added financing.

Wall Street soared today in the first day of trading for the third quarter, boosted by a decline in Treasury yields, a rise in June manufacturing activity and a spate of buyout news.

US stocks slid today as investors, securing positions before the second half of the year begins, sold off due to rising oil prices and lingering worries about subprime mortgage lending troubles.