Wall Street Catches a Break

Meanwhile, financials were buoyed by rumors E*Trade Financial (ETFC Quote) would be a buyout target. Shares soared 25.1% at $5.33. The KBW Bank Index rose 3.4%.

Oil prices were on the rise. Crude was holding near $98 a barrel, slightly higher for the day. Gold and silver futures also rallied. The Amex Gold Bugs Index was better by 3.7%.

In other corporate news, United Airlines parent UAL Corp. (UAUA Quote) is still open to a potential merger with another air carrier, according to a recent report in Business Week. Shares of UAL gained $1.23, or 3.2%, to close at $40.23.

There were no economic releases on the docket, and bond pits closed early. The 10-year Treasury note was flat in price, yielding 4.01%. The 30-year bond was up 13/32, yielding 4.43%.

Overseas markets were stronger. In Asia, Hong Kong's Hang Seng added 2.1%. Japan was closed. Among European bourses, London's FTSE 100 rose 1.7%, while Germany's Xetra Dax was up 0.6%.