Stocks Gain 1% on Greece, China Hopes

U.S. stocks advanced 1% on Tuesday as investors focused on hopes that China is poised to rev up its economic growth machine and that upcoming elections in Greece will help the country stay in the euro. The Dow Jones Industrial Average gained 125.86 points, or 1.01%, to 12,580.69. The S&P 500 rose 14.60 points, or 1.11%, to 1,332.42.The Nasdaq Composite added 33.46 points, or 1.18%, to 2,870.99.

China’s economic planning agency approved more than twice as many investment projects in the first four months of this year than in the same period a year earlier, according to The Wall Street Journal.

Greek polls published over the weekend showed a pro-euro-zone party leading an antibailout party ahead of next month’s election.

Research In Motion (NASDAQ:RIMM) on Tuesday said the company’s “financial performance will continue to be challenging for the next few quarters.” The maker of the BlackBerry also announced that it has “engaged” J.P. Morgan Securities and RBC Capital Markets “to assist the company and our board of directors in reviewing RIM’s business and financial performance.”

Facebook Inc. shares showed few signs of coming out of their post-IPO slump as the social network’s stock tumbled more than 9% to below $29 a share Tuesday, the first day of options trading in the stock. Facebook (NASDAQ:FB)  fell as much as $3.14 a share to $28.75 as the stock seemed incapable of righting itself since going public on May 18 at $38. The stock was near the low end of its original IPO estimate of $28 to $32 a share.

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