Stocks Stage Dramatic Turnaround

Stocks staged a dramatic turnaround on Thursday, as a steep sell-off on terrorist bombings in London turned to across-the-board gains by the close.

Travel-related stocks were among those hit hardest by the news, but shares of Priceline and Travelzoo pared their losses, and InterActiveCorp and Ctrip finished the day with gains.

The market’s focus will likely return to the economy on Friday, with the monthly employment report due out before the open. Economists are hoping the U.S. economy added nearly 200,000 jobs in June.

The Nasdaq rose 7 to 2075, the S&P added 2 to 1197, and the Dow climbed 31 to 10,302. Volume rose to 1.95 billion shares on the NYSE, and 1.62 billion on the Nasdaq. Advancers led 17-14 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 51% on the NYSE, and 60% on the Nasdaq. New highs-new lows were 188-43 on the NYSE, and 89-30 on the Nasdaq.

After the close, Accenture beat estimates, while Siebel warned.

During the day, Schwab gained 5.8% on takeover speculation even as the company said it has no interest in selling. More than 42 million shares changed hands, nearly 10 times average daily volume.

RF Micro climbed 4.7% after raising guidance.

Integrated Device , Ciber and Vitria fell on warnings.

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