Another late day surge for US stocks

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CNBC's Rebecca Jarvis has given US markets highlights of the day's trade.

Another late day surge for the blue chips; buying in stocks kicking in once again in the last 15 minutes of trading still it was another volatile session.

We had some positive earnings news- Nokia up almost 9% on its report and some positive valuations from Bank of America helping to lift tech stocks. Still investors continue to worry about the credit climate; credit at home share sinking today the Homelenders, which is caught up in the subprime mortgage meltdown this is because of adverse conditions in the industry. It can't be sure it will be able to continue to operate, its also delaying its 2006 annual report.

Financials and in particular, the brokers also continue to be weak and huge volume today in Countrywide, which ended half of its lows and important move from Moody is which confirmed Countrywide debt rating saying Countrywide will be able to withstand potential asset quality challenges. Investors also continue to get more pieces of the economic puzzle, new factory orders rose less than expected in June ahead of tomorrow's employment report and the Fed's meeting on interest rates next week    

Wall Street Action

• Late surge for blue chips on positive earnings news
• Nokia up 9%, +ve valuations from Bank of America help lift tech stocks
• Homelenders caught up in subprime mortgage meltdown
• Moody's confirms Countrywide's debt rating
• New factory orders rose less than expected in June