Investors have been clamoring for months for a bit of good news. On Thursday, they got a load of it.
The Dow Jones industrials shot up 240 points to a two-week high of 7,170, bringing its gains over the past three days to 622 points, or 9.5 percent. It was the index's biggest three-day jump since last November.
Surprisingly positive signals this week from companies across all industries, particularly banks, have made traders think twice about continuing to drive stocks lower. It's too soon to tell whether this week's upturn is the beginning of a bull market or simply a temporary rally within a bear market, but either way there has been a pronounced change in Wall Street's tone.
No one is calling the end to the selling on Wall Street. The economic picture is too uncertain, and much of this week's rally has been driven by technical factors. One of those factors is traders' inclination to buy stock to cover "short" bets, or bets that a stock will fall.
The Dow rose 239.66, or 3.5 percent, to 7,170.06. The Standard & Poor's 500 index climbed 29.38, or 4.1 percent, to 750.74. The Nasdaq composite index gained 54.46, or 4 percent, to 1,426.10
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