Thursday, January 29, 2009

Wall Street advances; Dow ends up 200 points & Asia trading higher; Hang Seng up 5.87%

US markets ended higher, led by banks, amid enthusiasm for Obama's "bad bank" plan and as the 819 billion dollar stimulus package neared approval.

Banks dominated the rally and Wells Fargo up 31% as it maintained dividend and said it needed no more bailouts.

The fed held its target for short-term interest rates between 0 and 0.25 percent, as expected, and vowed to keep looking at alternative tools at its disposal for boosting the economy.
The Dow rose 200.72 points, or 2.46%, to 8,375.45. The S&P 500 index advanced 28.38 points, or 3.36%, to 874.09. The Nasdaq composite index gained 53.44 points, or 3.55%, to 1,558.34.


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