WALL STREET rallied last week to make an almost complete recovery from the bruising it suffered in the first half of April.
Wall Street's recent downturn sent the Dow Jones Industrial Average tumbling 693.47 points, or 9.78 per cent, from its record high of 7,085.16 reached on March 11.
Wall Street mounted a strong turnaround that brought the blue-chip indicator just 13.96 points, or 0.2 per cent, shy of its record high.
Wall Street accomplished its remarkable effort with the aid an improving interest rate backdrop.
Everen Securities senior vice-president Gregory Nie attributed the burst of stock buying to the bond market's ability to put 'a solid performance in the face of unfriendly numbers' that came out last week.
Mr Nie said the stock market's recovery process was 'helped by the decline in the bond yield under 7 per cent'.
The yield on the bellwether 30-year bond fell to 6.89 per cent last week from 7.14 per cent the week before.