Wall Street snapped a six-session losing streak after US President Barack Obama addressed the Congress on Tuesday and said his government was moving swiftly to address economic concerns.
Earlier, US markets surged after Ben Bernanke, Chairman of the US Federal Reserve, indicated that an all-out bank nationalisation wasn't part of the government plan. Bernanke said complete nationalisation would damage the banks' value, and assuaged concerns over potential wipeout of shareholder value. Bank stocks rallied: Bank Of America and Citigroup were up over 20% and JP Morgan went up over 7%.
The Dow gained 236.16 points or 3.3% to end at 7,350.94. The S&P 500 Index added 29.81 points or 4% to close at 773.14. The Nasdaq Composite Index rose 54.11 points or 3.9% to shut shop at 1,441.83.
Earlier, US markets surged after Ben Bernanke, Chairman of the US Federal Reserve, indicated that an all-out bank nationalisation wasn't part of the government plan. Bernanke said complete nationalisation would damage the banks' value, and assuaged concerns over potential wipeout of shareholder value. Bank stocks rallied: Bank Of America and Citigroup were up over 20% and JP Morgan went up over 7%.
The Dow gained 236.16 points or 3.3% to end at 7,350.94. The S&P 500 Index added 29.81 points or 4% to close at 773.14. The Nasdaq Composite Index rose 54.11 points or 3.9% to shut shop at 1,441.83.
No comments:
Post a Comment