News Summary: Stocks rebound from big losses

News Summary: Stocks rebound from big losses on strong earnings and housing reports

Associated Press

ON THE REBOUND: Strong housing and earnings reports helped stocks bounce back Tuesday from a big sell-off a day earlier. The Dow Jones industrial average clawed back more than half of its 265 point loss from Monday and the Standard & Poor's 500 index logged its biggest gain since January.

EARNINGS HAPPINESS: Coca-Cola rose 5.7 percent to $42.37 after its first-quarter results came in above Wall Street's forecasts. Coke also said it struck a deal to start refranchising its business in the U.S., which will lower costs.

STABLE COMMODITIES: Commodities stabilized and gold rose after Monday's plunge. The precious metal gained $26.30 Tuesday, but it's still down 27 percent from its August 2011 peak.

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