Stocks were way up today—the Dow by over 300 points—buoyed by hopes for a Fed interest-rate cut, good news from beleaguered financials, and a stronger dollar. Remarks by Vice Chairman Donald Kohn led investors to believe the Fed is still considering a cut, the Wall Street Journal reports. By the bell, the Dow was up 331.01 to 13,,289.45, the Nasdaq 82.11 to 2,662.91, and the S&P 40.79 to 1,469.02.
Shares of big financials held the upward course they charted yesterday, the Journal reports, and the dollar has enjoyed something of a comeback against the euro and the yen. That news, in turn, pushed oil futures below $92 per barrel. "All these factors add up, and there is no real bad news today. It's a relief day," one strategist says.