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Byline: JONAH KERI
NYSE stocks rallied late Tuesday to close with modest gains in higher volume. The Dow and S&P 500 rose 0.1%, the small-cap S&P 600 0.6%.
Oil shipping firms had a big day. Overseas Shipping Group gushed 3.23 to a new high of 41.37 on nearly three times its normal trade. JP Morgan upgraded the stock to neutral from an underweight rating. Crude oil prices rocketed 6% Tuesday, fueling big gains in energy-related stocks.
Other shipping firms on the rise included General Maritime, up 1.41 to 25.65, and Teekay Shipping, which climbed 1.14 to a new high of 35.85. Both stocks moved in above-average volume.
Coventry Health Care surged 2.39 to 48.47 in rapid turnover. The managed health care services provider cleared the top of a base-on-base pattern. Coventry's 99 Earnings Per Share Rating leads the 20 stocks in the 19th-ranked Medical-Health Maintenance Organizations group.
Hughes Supply romped 2.92 to 56.92 in brisk trade. The provider of construction and industrial materials sold through 450 wholesale branches in 34 states completed its purchase of Todd Pipe & Supply, a wholesale ...