英语翻译
Stocks surged on Tuesday,partly a result of positive economic data on the housing sector in the United States and brighter signals from the euro zone.
Analysts said the markets were helped by a successful auction of three-month bills in Spain.Also,a report showing improved business sentiment in Germany,Europe’s largest economy,offered a glimmer of hope.
The Dow Jones industrial average turned positive for the month and bank shares were up more than 3 percent.Over all,it was a reversal of the drag on the entire stock market on Monday,when financial stocks fell by more than 2 percent,partly as focus shifted to a warning by the European Central Bank of a perilous year ahead.
But with no stunning news event or resolution to the financial markets’ persistent irritants,some questioned the reasons behind the size of the surge on Tuesday.
“I cannot explain today’s action in the market,” Gary M.Flam,an equity portfolio manager at Bel Air Investment Advisors,said in the final hour of trading.“There has been no news,either positive or negative,to drive a move of this magnitude.I could try to explain it away,but a move of this magnitude is head-scratching.”
At the close,the Dow Jones industrial average was up 337.32 points,or 2.9 percent,at 12,103.58.The Standard & Poor’s 500-stock index showed a gain of nearly 3 percent to 1,241.30.The index’s 35.95 point gain was the seventh-best of this year.The Nasdaq composite index was up 80.59 points,or 3.2 percent,at 2,603.73.
As stocks soared,investors left the safety of government bonds.The Treasury’s 10-year note tumbled 1 2/32,to 100 21/32.The yield rose to 1.93 percent,from 1.81 percent late Monday.
Many analysts also noted that wild swings were a predictable feature of the end of the year as managers balanced underperforming elements in their portfolios at a time of low trading volume.And even after an impasse over extending a payroll tax cut was announced Tuesday in Washington,the markets held on to their gains.
“The market just seems to have no memory from one day to the next,” Mr.Flam said.“To drive a move of this magnitude,you would expect there to be some sort of resolution on the bigger-picture issues.”
The sovereign debt crisis in the euro zone and the prospects of sluggish economic growth have ganged up on the financial markets in recent months.But the data has sometimes broken through the gloom,pointing to a recovery that is sluggish but at least is not stalled.（上半部分,字数原因）