Stocks Advance on Relief Over Spain Aid

U.S. stocks opened sharply higher on Tuesday, rebounding after a three-session losing run, after European officials moved to bolster Spanish banks. The Dow Jones Industrial Average lately rose 76.18 points to 12,812.47. The S&P 500 Index added 7.64 points to 1,360.10. The Nasdaq Composite rose 18.93 points to 2,950.70.

Europe went further down the path of providing relief for its struggling members Tuesday, agreeing to an extension of Spain’s budget targets and moving closer to providing financial assistance to Spanish banks.

China’s imports rose less than anticipated in June while export growth slowed, adding pressure on the government to support expansion after inflation data yesterday showed demand softening. Inbound shipments increased 6.3 percent from a year earlier, the customs bureau said in a statement today in Beijing, compared with the 11 percent median estimate in a Bloomberg News survey of 32 economists. Overseas sales gained 11.3 percent. The trade surplus rose to a three-year high of $31.7 billion.

Boeing Co. revealed a further large order for its remodeled short-haul 737 aircraft Tuesday while rival Airbus announced its first billion-dollar order at this year’s Farnborough Airshow.

Research In Motion Ltd will sell one of its two corporate jets as part of an effort by the embattled smartphone maker to save $1 billion in annual costs throughout its operations, a report said on Tuesday.

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