Dow ends up 240 on good news for banks, GM, retail
By MADLEN READ, AP Business Writer Madlen Read, Ap Business Writer 32 mins ago
NEW YORK – Investors have been clamoring for months for a bit of good news. On Thursday, they got a load of it. The Dow Jones industrials shot up 240 points, bringing its gains over the past three days to 622 points. It was the index's biggest three-day jump since last November.
This week's rally got an extra dose of adrenaline after an accounting board told Congress Thursday it may recommend a let-up in financial reporting rules for troubled banks in three weeks. Upheaval in the banking industry has been dogging the market since 2007, and hope that banks might finally get relief in how they value their bad assets spurred a flurry of buying.
"We might find that the banks are not as bad, or not bad at all, if these assets are marked differently," said Doreen Mogavero, president of the New York floor brokerage Mogavero, Lee & Co.
Better-than-expected retail sales figures also helped stocks, as did positive news from four Dow companies: Bank of America Corp., General Electric Co., General Motors Corp., and Pfizer Inc.
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