Stocks in the United States rebounded today as bullish congressional testimony from Alan Greenspan and anticipation for a strong mid-quarter update from Intel Corp brightened Wall Street’s mood and overshadowed a surge in oil prices.

Stocks managed to squeeze out modest gains in a volatile session Monday as crude oil futures, which briefly topped $US58 per barrel in early trading, settled lower.

Stocks skidded today as soaring oil prices offset bullish testimony about the state of the US economy by Federal Reserve Chairman Alan Greenspan.

Stocks staggered to a mixed finish today after US Federal Reserve Chairman Alan Greenspan told a congressional committee the economy is strong, a sign that the central bank is likely to continue raising interest rates.

Stocks were mixed in uneven trading on Wall Street today, with less-than-stellar economic data pressuring stocks and upbeat corporate news, including Johnson & Johnson’s US$25.4bn (€19.18bn) to buy Guidant Corporation, giving investors reasons to buy.

A brokerage downgrade of several semiconductor companies pressured tech shares in New York today, while the broader market was little changed as a jump in jobless claims offset investors’ relief over declining oil prices.

Rising crude oil prices and disappointing earnings from Hewlett-Packard sent stocks plummeting today, with the Dow shedding more than 120 points and all three major indexes reaching new year-to-date lows.

Wall Street reversed a three-day slide today as investors returned to the market in search of bargains, shrugging off high-tech profit warnings and an analyst downgrade of Internet stocks.