US, European stocks surge, Dow above 10,000 again
The Dow Jones industrials climbed back above 10,000 pts Wednesday after investors had second thoughts
about the heavy selling in the stock market during the last two weeks. Stocks soared and the Dow rose 275
points after a modest gain Tuesday. It was the market's first back-to-back advance since mid-June and the first
close above psychological benchmark of 10,000 since 28 June. The Dow and broader indexes gained more than
2%. Trading volume was light, however, signaling that many skeptical investors were staying out of the market.
Interest rates rose as some investors dumped Treasuries in favor of riskier assets like stocks. Financial stocks
rose on an upbeat profit forecast from State Street Corp. The stock gained 9.9%. Materials stocks rose after
having logged steep drops over worries about the economy. (StarBiz)
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