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Tuesday, March 10, 2009

Economic "rally"

Wow, I'm really happy to read this, since I've been scared and worried lately.

Dow surges 379 in year's biggest rally
By Charley Blaine and Elizabeth Strott

Financial stocks set off a big snap-back rally after Citigroup says it's been profitable so far this year. Fed chief Bernanke says the government won't allow big banks to fail. Gold falls below $900.

Stocks soared to their biggest one-day gains since mid-November after Citigroup the troubled banking giant, disclosed that it was enjoying its best quarterly performance since 2007.

The Dow Jones industrials closed up 379 points, or 5.8%, to 6,926. The Standard & Poor's 500 Index was up 43 points, or 6.4%, to 720, its first close above 700 in five sessions, and the Nasdaq Composite Index was up 90 points, or 7.1%, to 1,358. It was the best point for the Dow since Nov. 24 and the blue chips' largest percentage gain since Nov. 21. The S&P 500 and Nasdaq enjoyed the best point and percentage gains since Nov. 24.

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