U.S. stocks rebounded Tuesday as China lowered interest rates and loosened bank reserve requirements in an effort to prop up that country’s economy and stock market. Those moves were announced after the Chinese market closed another day of heavy losses. Best Buy (BBY) reported a better than expected 12% increase in profit in its second quarter, as sales of large screen TVs and smartphones continued to drive sales growth. Sales of televisions and mobile phones have helped offset shrinking sales of tablets and personal computers. Wall Street analysts are rushing to Apple’s (AAPL) defense. Apple’s stock has been hit especially hard recently on fears about the company’s exposure to a slowing Chinese economy. Analyst Brian White of Cantor Fitzgerald is one of many who say Apple’s China concerns are overblown.
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