Wall St rises as tech rebound offsets economic woes

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By Leah Schnurr

NEW YORK (Reuters) - Stocks rose on Wednesday as investors scooped up bargains in the beaten-down tech sector and higher oil prices buoyed energy companies, tempering concerns about the worsening global economic outlook.

The Nasdaq rose more than 2 percent, outpacing gains in the other major indexes, as bargain hunters bought shares of big-cap technology companies and helped them rebound from Tuesday's sell-off.

Chevron was among the biggest advancers in the Dow, rising more than 1 percent as the price of oil popped above $53 a barrel even after data showed an increase in crude oil inventories.

But more bleak economic reports put a damper on the broader market as data revealed more weakness in the economy.

"The economy froze up during the month of October. Other than that, there's not much activity on the day before Thanksgiving," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.

"People are pricing in a lot worse information and at these stock market levels ... there might be some buying coming into the market."

The Dow Jones industrial average <.DJI> rose 37.19 points, or 0.44 percent, to 8,516.66. The Standard & Poor's 500 Index <.SPX> was up 5.34 points, or 0.62 percent, at 862.73. The Nasdaq Composite Index <.IXIC> jumped 32.38 points, or 2.21 percent, to 1,497.11.

Bleak economic data included government reports that showed orders for costly manufactured goods such as refrigerators and washing machines, known as durable goods, plummeted in October, and consumers cut spending at the steepest rate in more than seven years.

Citigroup jumped 10.5 percent to $6.72 on the NYSE after news late on Tuesday that a Mexican brokerage controlled by billionaire Carlos Slim recently bought $150 million worth of shares in the struggling U.S. bank.

Cisco Systems , a networking equipment maker, rose 3.1 percent to $15.91 on Nasdaq, a day after the stock led a tech sell-off on worries about faltering demand.

Shares of Apple Inc added 3.2 percent to $93.64, making the iPod maker the top-weighted gainer in the Nasdaq.

In the energy sector, Chevron was up 1.3 percent at $77.53. An S&P index of energy stocks <.GSPE> gained 1.5 percent.

(Editing by Jan Paschal)

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