U.S. stocks rose Wednesday as the financial sector bounced after one
of its biggest drops ever and as oil prices helped the energy sector
recover some of
its recent losses. The Dow Jones Industrial Average rose 99 points, or
0.7%, to 8046, and has spent much of the session bouncing around the
psychologically significant 8000 level. The blue-chip measure was
helped by gains in all its financial components and in International
Business Machines, which climbed 9%
after reporting strong earnings. The Dow's big losers included General
Motors, which fell 8% after reporting an 11% decline in 2008 sales and
forecasting a bleak first quarter as well.
STOCKS RISE AS ANALYSTS MULL OBAMA'S FIRST STEPS TO STEM
CRISIS
Financials stocks steer a broad market comeback after the prior day's
rout that had the sector matching its worst day ever and the Dow Jones
Industrial Average tallying its worst Inaugural Day performance in its
history.
NEW BANK-RESCUE PLAN ON TAP, TREASURY NOMINEE GEITHNER SAYS
President Obama is working on a comprehensive bank-rescue package that will be
unveiled in the next few weeks, according to Timothy Geithner, Obama's nominee
to be the nation's next Treasury secretary.
BANK STOCKS MAY FALL FURTHER IF GOVERNMENT INTERVENTION GROWS
Bank stocks may fall further, despite a 40% plunge so far this year,
some analysts say.
GM SAYS GLOBAL SALES DOWN 11% IN 2008; TOYOTA TAKES LEAD
General Motors Corp., after a seven-decade reign atop the automotive heap,
relinquishes its global sales crown to Toyota Motor Corp., as growth in
emerging markets can't overcome a sharp drop in North America.
HOUSING STILL HEADING FOR A BOTTOM, BUT SHOULD GET THERE IN '09
Housing will not look much better at the end of this year than it does
now, but "we do expect '09 will be the bottom," the chief economist
for the National Association of Home Builders said Tuesday.
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