Stocks Stage Massive Rally, Dow Up 550
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Following three days of selling, stocks staged a massive rally in the final hours of trading today, sending the Dow up 552 points, an astonishing 6.7%. The S&P 500 rose nearly 7% to 911 and the Nasdaq rose 6.5% to 1,567.
There was no specific news to explain the rally, but bargain hunters sought energy names, with the Energy Select Sector SPDR (AMEX: XLE) rising 12%, and real estate companies like CB Richard Ellis Group, Inc. (NYSE: CBG), which surged 43%.
Shares of General Electric Co. (NYSE: GE), which were down 10% earlier today on concerns about its funding and dividend, finished the day up 3.5%. GE reiterated that its dividend is safe through 2009.
There was no specific news to explain the rally, but bargain hunters sought energy names, with the Energy Select Sector SPDR (AMEX: XLE) rising 12%, and real estate companies like CB Richard Ellis Group, Inc. (NYSE: CBG), which surged 43%.
Shares of General Electric Co. (NYSE: GE), which were down 10% earlier today on concerns about its funding and dividend, finished the day up 3.5%. GE reiterated that its dividend is safe through 2009.
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