NEW YORK (AP) -- 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 to a two-week high of 7,170, bringing its gains over the past three days to 622 points, or 9.5 percent. It was the index's biggest three-day jump since last November.
Surprisingly positive signals this week from companies across all industries, particularly banks, have made traders think twice about continuing to drive stocks lower. It's too soon to tell whether this week's upturn is the beginning of a bull market or simply a temporary rally within a bear market, but either way there has been a pronounced change in Wall Street's tone.
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.
GE's credit rating was cut by less than expected, GM said it will not need a $2 billion loan it previously requested from the government, and Pfizer reported a successful cancer drug trial. Bank of America's CEO told reporters his bank was profitable in January and February. Citigroup Inc. triggered this week's rally Tuesday with similar remarks. more...
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