The Dow shot up by nearly 320 today, ending 4 days of declines as the markets bounced back in a rally led by financial stocks. A drop in oil prices helped, as did the announcement that Apple was planning to sell its iPhone in China, reports Bloomberg. The Dow surged 319.54 to 13,307.09, the Nasdaq was up 89.52 to 2673.65, and the S&P 500 gained 1.86 to 1481.04.
The Wall Street Journal reports that investors are daring to hope that the worst of the credit crisis is over. And it's becoming more likely that the crunch won't spill over too badly into the broader economy. "The crisis is really on Wall Street, not Main Street," says one strategist. "Outside of New York, it's not nearly such a big deal."