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Yahoo Among Stocks Erasing Record Losses From Monday

Yahoo performed better than the Nasdaq Composite and the Dow Jones industrial average on Tuesday, after word spread that former AOL CEO Jonathan Miller was interested in buying the company.

The Wall Street Journal reported that Miller was weighing a purchase at $20 to $22 per share and trying to drum up about $29 billion in investment funds.

That sent Yahoo shares up 7.08%, from $10.81 to $11.50 Tuesday.

Bargain-hunters and recovery efforts by the U.S. Federal Reserve buoyed stocks during a turbulent day of trading in all of the major indexes. That came on the heels of record losses Monday on news that payrolls, construction, and prices had declined.

The Dow rose 3.31%, or 270 points, from 8,153.75 to close at 8,419.09. The Nasdaq increased 3.70%, or 51.73, from 1,423.85 to 1,449.80. The S&P 500 rose 3.99%, or 32.60 points, to close at 848.81, up from an opening of 817.94.

Trading volume rose to 1.62 billion on the New York Stock Exchange. Volume on the Nasdaq reached 2.14 billion.

The performance managed to reverse some of Monday's steep losses on news that the United States has been in a recession since December of last year. But it failed to erase all of Monday's losses. The day marked continuing volatility in the market, with one-day gains and losses of 3% or more becoming the norm.

Most tech stocks saw gains, with companies in the Internet, software, and global telecommunications categories making the greatest gains. Contract manufacturers dropped slightly, with losses under 1%.

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