Midday Report: Dow Chemical Plans Job Cuts; U.S. Stocks Bounce Back

U.S. stocks recovered from a two-day selloff on Tuesday as the shock of the Brexit vote faded and hopes of further stimulus rose.
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U.S. stocks recovered from a two-day selloff on Tuesday as the shock of the Brexit vote faded and hopes of further stimulus rose. A bounce in crude oil prices led the energy sector in a rally. Consumer confidence in the U.S. improved in June at a faster pace than analysts expected, reaching its best level since October. The improvement bodes well for higher consumer spending in coming months. ReachLocal (RLOC) soared after receiving a $156 million buyout offer from Gannett (GCI) - Get Report . The deal is expected to close in the third quarter. Dow Chemical (DOW) - Get Report plans to cut four percent of its workforce over the next two years as part of its DuPont (DD) - Get Report merger. The layoffs will be primarily in its manufacturing facilities in North Carolina and Japan.