Late Selling Hits Stocks

Several firms were out with ratings changes. Among them, Citigroup upgraded International Paper (IP Quote) to buy from hold, while Bear Stearns downgraded Hershey Foods (HSY Quote) to underperform from peer perform.

International Paper tacked on 0.7% to $34.49, while Hershey finished 4.4% lower at $40.24.

Away from equities, commodities rebounded after a multisession slide. Crude rallied $2.92 to close at $94.09 a barrel, gold jumped $15.70 to $814.70 an ounce, and silver rose 45 cents to $15.06 an ounce.

Overseas markets were higher. In Asia, Hong Kong's Hang Seng surged 4.9%, and Japan's Nikkei 225 advanced 2.5%. Among European bourses, London's FTSE 100 climbed 1.1%, while Germany's Xetra Dax tacked on 0.1%.