Stocks rallied late in the session today, buoyed by rounds of bargain hunting following yesterday’s deep sell-off, the Wall Street Journal reports. GE rose 14%, despite lowering its forecast, on news that it will still pay a $1.24-per-share dividend next year. The Dow rose 270 points to close at 8,419. The Nasdaq gained 51.73 points, closing at 1,450, and the S&P 500 rose 32.60 points to settle at 849.
Ford and GM announced grisly drops in monthly sales but managed to gain 6.6% and 4.3%, respectively, as the chief executives of the firms submitted new bailout proposals to Congress. Sears led retailers higher, gaining 12% after reporting a 9% third-quarter sales loss but $500 million stock buyback.