Stocks Up Again, Dow Up Nearly 10% In Three Days

Stocks rallied again today, making it three days in a row. This marks the largest three day gain since November. The Dow jumped 240 points today, and is up over 600 points or nearly 10% over the three day period. The Nasdaq and S&P 500 each added 4% today.

Investors viewed news of a one-notch S&P rating cut at General Electric (NYSE: GE) as positive, as some were expecting a much deeper downgrade. Shares of the beaten-up blue chip gained nearly 13% on the news.

The banks also continued to rally, with more positive comments coming from the CEOs of some of the major banks. Today it was Bank of America's (NYSE: BAC) Ken Lewis turn and he delivered. Lewis said the bank should generate more than $100 billion in revenue this year, and close to $50 billion in pre-tax, pre-provision earnings.

Also, self confessed Ponzi-schemer Bernard Madoff was placed in jail, pending sentencing, after pleading guilty to 11 charges, including fraud and international money laundering.

You May Also Be Interested In