U.S. markets rebound sharply

Stocks rose despite a report from Exxon Mobil that profits dropped 66 percent in the second quarter, compared with the same period in 2008. Quarterly profits fell to $512 million, down from $1.562 billion a year ago, The New York Times reported.

In early afternoon trading, the Dow Jones industrial average rose 1.72 percent, 156.29 points, to 9,227.01. The S&P 500 rose 1.78 percent, 17.33 points, to 992.48, closing in on the 1,000 point mark. The Nasdaq index broke 2,000 early, then tailed off to 1,993.69, up 1.32 percent on a gain of 25.93 points.

The benchmark 10-year Treasury rose 6/32 to yield 3.643 percent.

The euro rose to $1.4073, compared with Wednesday's $1.4035. Against the yen, the dollar rose to 95.70 yen, compared with Wednesday's 94.97 yen.

In Tokyo, the Nikkei 225 rose 0. 51 percent, 51.97, to 10,165.21.

In London, the FTSE 100 index gained 1.85 percent, 84.08 points, to 4,631.61.

Copyright 2009 by United Press International.