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Banks, Retailers Lead Stock Rally As Fears Ease

Sunday, September 7, 2008

For weeks, investors have been worried about two big threats: that financial institutions will suffer more multibillion-dollar losses from the credit crunch and that consumers will cut back on their spending. Yesterday, both fears eased, driving the stock market up sharply.

The Dow Jones industrial average rose 320 points, a 2.5 percent rally, its second-best gain of the year. Among the biggest winners were stocks of banks and other financial-services companies; the Standard & Poor's financial-stocks index rose nearly 5 percent.

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