Investors are buying up stocks again, sending the Dow Jones industrials above the 8,000 mark for the first time in nearly two months.
All the major indexes soared about 4 percent on Thursday as optimism grew following more signs that the economy is on the mend.
Financial stocks led the rally, getting a big boost after the Financial Accounting Standards Board relaxed accounting rules forcing banks to value their assets at current prices. The change should help banks reduce losses.
Financial stocks led the rally, getting a big boost after the Financial Accounting Standards Board relaxed accounting rules forcing banks to value their assets at current prices. The change should help banks reduce losses.
The market's advance came as the world's finance leaders met in London to discuss efforts to fix the global economy. The G-20 ministers plan to give the International Monetary Fund $500 billion, and create stricter rules for hedge funds.
In midday trading, the Dow rose 308.24, or 4.0 percent, to 8,069.84.
In midday trading, the Dow rose 308.24, or 4.0 percent, to 8,069.84.
These are all the great news.
I think this rally is not a permanent one. This jump will last for this week and next week might be on the down slide. I have to sell AGU and get out of that. I have to keep an close eye on AIG and FNM.
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