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US stocks rally after Monday's rout Posted: 16 Apr 2013 04:37 PM PDT NEW YORK: US stocks rallied strongly on Tuesday as investors took Monday's market rout as a buying opportunity. The Dow Jones Industrial Average jumped 157.58 points (1.08 per cent) to 14,756.78. The broad-based S&P 500 increased 22.21 points (1.43 per cent) to 1,574.57, while the tech-rich Nasdaq Composite Index added 48.14 points (1.50 per cent) to 3,264.63. The gains ended a two-day losing streak for US markets, with Monday's losses the steepest in five months. US markets reacted to solid housing starts data and good earnings reports from Coca-Cola, Johnson & Johnson and others. But markets were also primed to move higher after a sharp sell-off following weak China economic data and bomb attacks at the Boston Marathon that killed three people and wounded more than 170. "Markets got a little exuberant on the down side," especially in the metals and mining sphere, said Mace Blicksilver of Marblehead Asset Management. The gains were "a little bit of a reflex rebound from yesterday's sell-off," said Michael James, managing director of equity trading at Wedbush Morgan Securities. Financial firms were among the biggest Dow gainers. Bank of America added 2.5 per cent, JPMorgan Chase rose 1.2 per cent and Travelers increased 2.2 per cent. Also higher were the Walt Disney Company, which leaped 3.2 per cent, and Intel, which rose 2.5 per cent. After the market closed, the computer-chip company reported first-quarter net income fell 25 per cent from a year ago, just shy of expectations. Goldman Sachs shed 1.7 per cent after executives gave a cautious appraisal of economic conditions even as the company reported higher year-over-year earnings. Dow member Coca-Cola surged 5.7 per cent after reporting an 8 per cent increase in profits thanks to rising sales in emerging markets like India, China and Brazil. Health care and pharmaceutical company Johnson & Johnson, another Dow blue chip, gained 2.1 per cent after reporting earnings that met expectations and slightly higher-than-expected revenues. -- AFP

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Live updates: Obama labels marathon bombings a terrorist act - Los Angeles Times Posted: 16 Apr 2013 09:35 AM PDT President Obama said the bombing at the Boston Marathon was being investigated as an act of terrorism and insisted that the country will not bow to such violence. Speaking about the tragedy for the second time in as many days, Obama said the nation's prayers go out to Boston. The two explosions on Monday killed three, including an 8-year-old boy, and wounded an estimated 176 people, Boston officials said earlier. PHOTOS: Bombings splashed across nation's front pages "This was a heinous and cowardly act and given what we now know about what took place, the FBI is investigating it as an act of terrorism," Obama said in televised comments from the White House. "Any time bombs are used to target innocent civilians, it is an act of terror." "What we don't yet know, however, is who carried out this attack or why," the president said, pledging to use all resources to find those responsible. "We will find whoever harmed our citizens and we will bring them to justice," he insisted. "We also know this," Obama said. "The American people refuse to be terrorized." Jittery Boston seeks clues to bombing that killed 3 | 8:05 a.m. BOSTON -- This jittery city awoke Tuesday to heightened security after two bomb blasts shattered the finish of its famed marathon, killed at least three people, wounded scores more and left everyone wondering who was behind the latest act of terror to cast a pall on the nation. More than 400 members of the National Guard patrolled downtown, securing the scene. The adjacent blocks around famed Copley Square were blocked off with metal barricades and police tape, and many streets were shut down to most traffic. Police and uniformed soldiers were allowing guests at nearby hotels -- some still in marathon gear -- to enter the restricted zone to retrieve their belongings from their rooms. Canine units were in the area. "Everyone should expect continued heightened police presence, and everyone should continue personally to be vigilant," Massachusetts Gov. Deval Patrick said at a televised news conference with top officials Tuesday. "The investigation continues and until it is done all of those in law enforcement represented by the leaders here will be present in force in the area around the blast and throughout the city." Patrick said no unexploded bombs were found at the Boston Marathon, contradicting earlier reports. Only the two bombs that exploded were found, he said. "Yesterday, this terrorist brought to the city of Boston, tragedy," Mayor Thomas Menino said and went on to praise first responders. An 8-year-old child was among the dead, and his mother and sister were among the about 176 people who were injured when the explosions went off, within seconds of each other and less than 100 yards apart. At least 17 were listed in critical condition, officials said on Tuesday and were being treated at nine area hospitals. VIDEO: Boston marathon explosion The blasts were near the finish line of the Boston Marathon, the traditional 26.2-mile race that is a feature of the festivities surrounding Patriots Day, a state holiday that commemorates the first battles of the American Revolution. Runners were hurled to the ground, windows were shattered in the heart of an area rich with famed buildings. Plumes of smoke rose over spectators as Boylston Street was turned into a zone of chaos. "This was a very powerful blast. There were serious, serious injuries," said Boston Police Commissioner Edward Davis. "This cowardly act will not be taken in stride. We will turn every rock over to find the people who are responsible for this." The Boston patrols were a show of force that was mirrored in cities from Los Angeles to New York, including the nation's capital, as security was increased around the country. Police eyed commuters in subways, cordons of security around landmarks were extended and everyone was urged to report suspicious packages and people. Officials, led by President Obama, vowed to leave no stone unturned in the search for responsibility and pledged that justice would be swift. But it remained unclear at whom the nation would direct its vengeance. Officials privately were calling the bombings an act of terrorism, but whether it was international or domestically inspired was still unknown. In Washington, a U.S. government official said Tuesday that there had been no intelligence about a possible attack in Boston during the weeks leading up to the bombings -- a position that officials have maintained since the blast.

Congressman: Hunt for Boston bombing suspect continues - Austin American-Statesman Posted: 16 Apr 2013 09:28 AM PDT U.S. Rep. Michael McCaul, R-Austin, said Tuesday that a Saudi national cited as a person of interest in the Boston Marathon twin bombings has not been linked to the attacks, even after the man conceded to a search of his Boston-area home late Monday. McCaul, chairman of the House Committee on Homeland Security, said authorities continue to investigate the man, who reportedly was injured in the attack and questioned by authorities at a Boston-area hospital. His identity has not been released. "Right now they are running down the Saudi national," McCaul said. However, "there is no real evidence connecting him to this bombing at this point in time." The developments were among several made public Tuesday, as a team of local, state and federal investigators continue to investigate the Monday explosions near the finish line of the marathon. Three people were killed as many as 140 were injured in the blasts. McCaul said he was pleased with the progress of the investigation less than 24 hours after the incident and cautioned against any assumptions at an early stage. "That's always the caution is that you have to follow down every lead and most of them don't lead to the perpetrator," he said. The Boston Globe and other organizations have reported that the man was tackled by a bystander after he was seen running from the scene. The man, the Globe reported, told authorities he was scared and ran. The Globe also interviewed the man's roommate, who doubted any connection to the attack. "We don't know at the end of the day if this Saudi (man) has a role in this plot but we have to be careful making assumptions about persons of interest. It may have just been a Saudi who was injured," McCaul added. But "my assumption is that he is still a person of interest." McCaul said there is no other person of interest in the investigation at this time.

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