Stocks Jump After 5 Days of Heavy Selling
Wall Street followed the lead of overseas markets, which rallied on optimism over a possible Chinese economic stimulus plan. Prices for oil and other commodities also climbed as traders bet that government spending could boost demand.
Investors were encouraged by details of a government program designed to help as many as 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
According to preliminary calculations, the Dow Jones industrial average rose 149.82, or 2.2 percent, to 6,875.84. The Standard & Poor's 500 index added 16.54, or 2.4 percent, to 712.87, while the Nasdaq composite index gained 32.73, or 2.5 percent, to 1,353.74.
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