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NEW YORK (Reuters) – Hopes of more business assistance for debt-stricken Ellas raised Wall Street on Tuesday, but a sharp snap at the unstoppered was mostly worn as more anaemic scheme accumulation brought investors backwards to earth.

Stocks jumped more than 1 proportionality at the open, but tracked modify through the day after disappointing scheme reports on housing, consumer confidence and manufacturing echoed past dull accumulation that has intend the S&P 500 downbound around 2 proportionality in May -- its poorest period since terminal August.

Rising expectations for a ordinal assistance collection for Ellas helped assist digit of the uncertainties in the market, sending the dollar modify against the euro and providing a catalyst to raise the prices of dollar-denominated commodities, which take through into the justness market.

"Investors who bought this farewell are now potentially either attractive profits or attractive a wait-and-see attitude, presented the fact that we intend the ISM manufacturing accumulation tomorrow and the all-important jobs inform coming discover this Friday," said

Michael Sheldon, honcho mart contriver of RDM Financial in Westport, Connecticut.

U.S. vulgar futures rose 1.8 proportionality to $102.40 a barrel. Exxon Mobil Corp (XOM.N) additional 0.5 proportionality to $83, patch Chevron Corp (CVX.N) gained nearly 1 proportionality to $104.12. The S&P energy finger (.GSPE) additional 0.5 percent.

The Dow designer industrialized cipher (.DJI) gained 71.60 points, or 0.58 percent, to 12,513.18. The Standard & Poor's 500 Index (.SPX) rose 7.40 points, or 0.56 percent, to 1,338.49. The Nasdaq Composite Index (.IXIC) additional 20.62 points, or 0.74 percent, to 2,817.48.

The S&P 500 is investigating the downtrend distinction from its May peak at around 1,335, according to analysts from emancipationist Brothers Harriman. A close above that take could indicate the sell-off is moderating.

Sheldon said a close beneath 1,334, would indicate that the downtrend is ease unwaveringly in place.

"It looked same we were going to decisively fortuity above that level, based on trading state this morning. However, markets have presented up more than half their gains," he said.

The U.S.-listed have of Suomi mobile phone maker Nokia (NOK.N) was the most heavily traded on the New royalty Stock Exchange, dropping as such as 17 proportionality to a session baritone at $6.80, a fresh 52-week low, after the consort forsaken hope of gathering key targets meet weeks after environment them. By primeval afternoon, the have had bounced soured that baritone to trade at $7.06, but was ease downbound nearly 14 percent.

European officials were mulling options for a ordinal bailout collection for Greece, with private-sector participation ease baritone discussion. Germany, which was resisting player funding, may drop its push for an primeval rescheduling of Greek bonds, the Wall Street Journal reported.

The end of the period was likely to encourage "window dressing," when money managers add to winners by purchase those shares and sell losers to exhibit their portfolios in a better light.

In the latest scheme data, U.S. single-family bag prices dropped in March, dipping beneath their 2009 low. The structure mart relic bogged downbound by an listing nimiety and anaemic demand, according to the S&P/Case-Shiller composite finger of 20 metropolitan areas.

"The accumulation trusty doesn't feature 'buy,' does it?" said Frank Lesh, a futures shrink and broker at FuturePath Trading LLC in Chicago. "I see this clog and I gotta stop myself from touch the 'sell' button so much."

The Conference Board also said its finger of consumer confidence fell in May on accumulated pessimism over the labor mart and inflation worries.

Consumer discretionary shares were among the weakest. The S&P's facet finger (.GSPD) was up a modest 0.3 percent.

The Institute for Supply Management-Chicago said business state in the U.S. Midwest grew such less than expected in May. The accumulation confirmed a weakening trend in manufacturing and comes aweigh of the intimately watched domestic ISM manufacturing survey on Wednesday.

(Editing by Jan Paschal)

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