US stocks add to rallyMarch 13th, 2009 - 5:31 am ICT by IANS
New York, March 13 (DPA) The Wall Street continued its three-day rally with the three major indices up about four percent Thursday led by General Electric (GE) and Bank of America shares.
General Electric gained 13 percent to $9.57 per share after it said a cut in its credit rating was unlikely to impact business, and Bank of America picked up 19 percent to $5.85.
“Those banks have been beaten down to almost nothing - same goes for GE - so any kind of good news would allow for a bounce,” investment strategist Bruce Bittles told Bloomberg financial news.
The blue-chip Dow Jones Industrial Average added 3.5 percent, or 239.66 points, to 7,170.06. The broader Standard & Poor’s 500 Index added 29.38 points, or 4.1 percent, to 750.74. The technology-
heavy Nasdaq Composite Index gained 54.46 points, or four percent, to 1,426.10.
The US currency dropped against the euro to 77.42 euro cents from 77.93 euro cents Wednesday. The dollar rose against the Japanese currency to 97.72 yen from 97.27 yen.
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