Financial stocks lead broad Wall Street rallyMay 19th, 2009 - 6:37 am ICT by IANS
New York, May 19 (DPA) US stocks rose across the board Monday led by financial listings and a strong performance by home improvement retailer Lowe’s, restoring some of the losses from late last week.
Bank of America rallied 9.9 percent after analysts recommended the embattled company for its progress in raising capital and for finishing another “solid” quarter in the mortgage and capital markets businesses. Government regulators have urged Bank of America to raise $33.9 billion to weather up to two years of recession.
Lowe’s rose 8.1 percent after reporting a smaller-than-anticipated decline in first-quarter earnings. Its bigger rival, Home Depot Inc, was up 6.6 percent.
The blue-chip Dow Jones Industrial Average rose 235.44 points, or 2.85 percent, to 8,504.08. The broader Standard & Poor’s 500 Index climbed 26.83 points, or 3.04 percent, to 909.71. The technology-heavy Nasdaq Composite Index added 52.22 points, or 3.11 percent, to 1,732.36.
The US currency fell against the euro to 73.73 euro cents from 74.13 euro cents on Friday. The dollar dropped against the Japanese currency to 96.26 yen from 95.14 yen.
Tags: bank of america, blue chip, capital markets, dow jones, dow jones industrial, dow jones industrial average, financial stocks, government regulators, home depot, home depot inc, home improvement retailer, japanese currency, lowe s, nasdaq composite index, quarter earnings, recession, s 500, us currency, wall street rally, yen