Stocks took off today in response to cheerful economic data and rising hopes for a Dec. 11 rate cut from the Fed. Government reports showed an increase in productivity and an unexpected jump in hiring, the Wall Street Journal reports. The Dow was up 196.23 to 13,444.96, the Nasdaq up 46.53 to 2,666.36, and the S&P up 22.22 to 1,485.01.
"We've really got to revisit how fast the economy has been slowing down," one analyst said. AIG stocks leaped after the company reassured investors about its ability to weather the credit crisis, and Intel and Microsoft also helped to push the rally. Techs are "an area investors view as less risky and less involved in the credit crisis," one strategist said.