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Soaring Stocks Propel Dow up Nearly 900 Points
The Dow gained 889.35 points to close at 9,065.12 today and the S&P gained nearly 11 percent on increased commercial paper sales, a signal that the credit markets are thawing. Big gainers included Alcoa, up 19 percent, and GE, the largest issuer of commercial paper, which leapt 9.9 percent. Banks including Citigroup and Bank of America were also up on speculation the Fed would cut interest rates tomorrow. “Anyone who has a long-term view and looks at earnings multiples and inflation will say it’s a cheap moment to buy stocks,” equity market strategist Linda Duessel told Bloomberg.
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