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Dow Surges Nearly 3% in Relief Rally

In U.S. economic news, a decrease in new home sales for the third month in a row disappointed economists. New-home sales fell by 0.7% in June compared to a forecasted 0.6% decline. The housing industry is expected to remain a drag on the economy.

Global manufacturing data helped to lift oil prices . The October crude oil contract gained $1.02 to settle at $85.44 a barrel. Gold was declining after hitting a record high of $1,917.60 an ounce as the equities rally gained momentum. The December delivery contract lost $30 to $1,858 an ounce.

Deven Sharma, president of McGraw-Hill (MHP) subsidiary Standard & Poor's, will leave the company and be replaced by Douglas Peterson . Peterson, who will join the company Sept. 12, is currently chief operating officer of Citibank N.A., the chief banking unit of Citigroup (C).

Sharma's resignation follows the rating agency's much-criticized decision to downgrade the U.S. credit rating to AA+ from AAA. McGraw-Hill's stock moved up 4.5% to 38.69.

Delta (DAL) plans to order 100 Boeing (BA) 737 single-aisle jets in a deal valued at more than $8 billion , according to a Wall Street Journal report. Boeing's stock gained 4% to $60.77.

H.J. Heinz (HNZ) reported better-than-expected first-quarter adjusted earnings on growth across emerging markets . The company expects second-quarter earnings to meet or come in slightly above its year-ago profit, but lowered its fiscal 2012 adjusted earnings guidance. The stock lost 1.2% to $51.44.

Shares of UBS (UBS) climbed 5.2% to $13.88 following news that the Swiss bank plans to cut 3,500 jobs in an effort to eliminate expenses of 2 billion Swiss francs ($2.54 billion) a year by the end of 2013.

The benchmark 10-year Treasury was down 2/32, lifting the yield to 2.118%. The dollar weakened against a basket of currencies, with the dollar index down by 0.4%.

-- Written by Chao Deng in New York.

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