Wall St Jumps on Euro Hope, Dow in Positive Territory for 2011
By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks rose on Wednesday as Europe’s progress toward bolstering its financial rescue fund brought more battle-weary investors back into the market.
Momentum buying was partly in play, analysts said, as investors tried to latch on, or catch up with, what they hoped was a lasting rally, which has been a rare trend this year.
The S&P 500 is up about 12 percent from its intraday low hit last week on Tuesday and had its largest seven-day rally since March 2009. The Dow briefly bounced back into positive territory for the year.
“A lot of the people who have cash and who have been afraid of some of these big, macro risks are thinking: Maybe we should get back in because this has been a rough year, and it would be really rough if we missed a big fourth quarter,” said Hank Smith, chief investment officer of Haverford Trust Co. in Philadelphia.
Bank shares led the advance again, with the KBW Bank Index (Philadelphia:^BKX – News) up 3.3 percent. Citigroup (NYSE:C – News) gained 5 percent to $29.22. For more visit: Yahoo Finance
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