Wall Street rises 4th day as euro zone fears recede
By Caroline Valetkevitch
NEW YORK (Reuters) – Investors pushed stocks higher for a fourth day on Thursday as coordinated central bank action encouraged optimism about dealing with the euro zone debt crisis and its threat to the global recovery.
Major stock indices rose more than 1 percent. Shares of financial companies, which have been among the hardest hit by the debt worries, outperformed other sectors.
The S&P financial index (^GSPF – News) and the S&P industrial index (^GSPI – News) each rose 1.8 percent.
Shares of Bank of America (NYSE:BAC – News) rose 4 percent to $7.32. General Electric (NYSE:GE – News) gained 3 percent to $16.09.
The European Central Bank, along with other major central banks, will reintroduce three-month dollar liquidity operations in the fourth quarter.
The move benefited the European banking system, which experienced new stress in finding dollar funds due to nervousness by lenders. Yahoo Finance
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