US stocks rose on Wednesday, with beaten-down financial shares, such as Bank of America Corp, drawing investor interest for the first time in a week, but gains were limited by persistent worries about the credit markets.
Tame inflation and solid industrial production data also helped stocks stave off a sell-off like Tuesday's 200-point dive by the Dow.
Deere & Co's shares surged after the farm equipment maker reported earnings that topped Wall Street expectations, making it one of the top gainers on the New York Stock Exchange. Financial shares, which have borne the brunt of investor angst over the credit market turmoil in the past six weeks, were the biggest gaining sector on the S&P 500. The sector rose after another injection of cash by the Federal Reserve into the banking system.
The Dow Jones industrial average was up 82.10 points, or 0.63 percent, at 13,111.02. The Standard & Poor's 500 Index was up 12.38 points, or 0.87 percent, at 1,438.92. The Nasdaq Composite Index was up 19.59 points, or 0.78 percent, at 2,518.71. The Dow briefly dipped below 13,000 near the market's opening as investors fretted about spreading damage from the US mortgage market.
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